What Is NOC In Dubai Real Estate? – Aeon Trisl Properties
What Is NOC In Real Estate? – Aeon Properties
A no-objection certificate, commonly known as NOC, is a type of legal document issued by an individual or organization, stating that there are no objections to the points made within the document. It is the first thing a holder must complete and record in the public records before beginning construction or major repairs on a property.
A no-objection certificate (NOC) is normally required from the developer when buying a property in UAE. It gives a clear title on the property and shows all the service changes and utilities that have been paid. In the buying case, a NOC reflects that there is no objection by the developer to another person purchasing the property.
Dubai Land Department-Frequently Asked Questions
- Q) What is DLD?
DLD is an acronym for Dubai Land Department. It is a Government entity, founded in 1960 to deal with all the matters of real estate transactions in the Emirate of Dubai.
- Q) Can a property be sold without NOC?
No. Selling a property in Dubai without NOC is illegal to do. Therefore, before making any payments make sure to inspect the NOC properly.
- Q) Can foreigners buy freehold properties in Dubai?
Yes. Dubai offers freehold properties for sale both to the locals and foreign investors. Neighborhood such as Business Bay, Jumeirah Beach Residence, Dubai Creek, and many others features the freehold properties in Dubai.
- Q) Can ex-pats own a house in Dubai?
Yes. Any person of any nationality, whether they are a resident of Dubai or belongs to Netherland, USA, France, England, Spain, Germany, etc. can purchase a house in the freehold market of Dubai. There is no requirement of residency or similar permit to own or purchase a house in Dubai.
- Q) What is the process of buying property in Dubai?
The steps to buying a property in Dubai are quite simple:
- First search which type of property you want to invest in.
- Hire a Dubai real estate agent to help you talk, negotiate, and outline the terms of sale with the holder.
- Sign Memorandum of Understanding (MOU)
- Apply for a No Objection Certificate (NOC)
- Visit Dubai Land Department.
For more details, surf our website or contact us.
- Q) How long does it take to purchase a property in Dubai?
In Dubai, the average property transaction takes around 30 days to complete from the date on which the agreement for sale is signed.
- Q) What extra fees go into buying a property in Dubai?
For transactions over AED 500,000 the primary market purchasing fee in all Dubai Land Department Registration Trustees offices is AED 4,000 and AED 2,000 for below this amount. The fees are paid in cash form and are paid by the parties as agreed. While for secondary market purchases, the total fees include the NOC fee, transfer appointment fee, and a 2% commission fee (for the broker).
- Q) Can I get a residency visa by buying a house in Dubai?
Yes, it is possible to get a residency visa by buying a property in Dubai. But the price of the property must not be less than 1 million Dirhams and its construction should be completed.
The investors can also get a residency visa by buying a commercial property in Dubai.
- Q) Is Business Bay a good neighborhood from a residential point of view?
Yes, it is. Business Bay is described as one of the most popular neighborhoods of Dubai and has been placed alongside popular city destinations including New York, London, Rio de Janeiro, etc. Business Bay is not just a home to residents but also to famous commercial and entertainment destinations, thus is ideal for young professionals to live in. Not to mention that it has some of the best hotel apartments in Dubai.
- Q) I am moving to Dubai, which is the best website to search Dubai properties for rent or sale?
There are several good websites to begin your property search within Dubai. Aeon Trisl Dubai Real Estate Agency is currently the leading Dubai real estate for ex-pats.
- Q) I am searching for a luxurious apartment to live in in Dubai. Which is the best neighborhood for buying property in Dubai?
Dubai real estate offers several luxurious apartments of various sizes in several areas of Dubai including Downtown Dubai, Business Bay, Emaar Beachfront, etc. All of these areas are included in the list of most sought-after areas of Dubai.
- Q) Is DAMAC Hills a good place to live?
It is a great place to live. DAMAC hills properties are amongst the most beautifully designed properties of Dubai, with many amazing outdoor facilities. Moreover, if you are searching for some reasonable properties in Dubai then invest in DAMAC Properties as they are economical as well.
- Q) Can Dubai Land Department cancel the contract between the investor and the developer at the request of the investor?
No. DLD does not have the authority to terminate any contract between the buyer and the developer. For this purpose, the investor would have to visit the real estate court.
- Q) What are the important documents required by a UK resident to buy a property in Dubai?
To invest in Dubai properties, a foreign buyer must simply hold a valid passport. There is no requirement for a resident visa to own a property in Dubai.
- Q) What is RERA?
RERA is an acronym for Real Estate Regulatory Authority, a Government agency and part of the Dubai Land Department. RERA controls all the real estate activities of Dubai and licenses real estate brokers, agents, and developers.
- Q) What is a title deed for?
A title deed is a document that shows ownership of a plot of land and is registered at the Dubai Land Department. In the case of purchasing a property on mortgage, the original title deed is kept with the bank as security until the full mortgage is repaid.
- Q) What is an MOU for in Dubai real estate?
MOU stands for Memorandum of Understanding and is an agreement set out by a real estate agent between the buyer and the seller. MOU is a part of the purchasing process and outlines the timescales, terms, and conditions of the property purchase.
- Q) How to track the completion status of a real estate project in Dubai?
The completion status of Dubai free zones’ real estate projects can be tracked by entering the project number, plot number, or project name. Users will gain access to a lot of data, including a project’s percentage of completion and its status, in addition to plans that a developer may highlight.
For more queries regarding Dubai real estate, contact Aeon Trisl, Dubai real estate investment firm.