- The first step in the process of purchasing any kind of property is the intention on investment.
- Determine your finance, whether is Cash or Mortgage.
- You need to decide what type of property and where to purchase, since there are option of Apartment, Villa, Townhouse and Penthouse.
- This is the best part and is a big investment for you, so take your time in choosing the right property that satisfies all your needs. our agent will offer different properties which fit your
- After viewing all properties which was shown by agent, you can decide and confirm your interest.
- It is required in UAE to set up a local bank account, this is needed for the purchasing process before and after.
CONGRATULATION, You are a property owner now.
- It is always best to conduct your own research and find out that what you are paying is in comparison to other similar properties in the market and location. Have your consulting agent
inform you of the additional fees and charges that are required alongside the basic price of the property?
- Prepare all documents required by the UAE Law and Regulations.
- Once you have found your desired property, inform your consulting agent to make an offer which will be communicated to the seller.
- Once your offer is accepted and both parties have reached an agreement, your consulting agent will start drawing up the buying process which a memorandum of understanding (MoU) has to be sign. A MoU is
defined as an agreement between parties and can be bilateral (two) or multilateral (more than two parties) in a formal document. The creation of this document shows the willingness of both parties to advance the deal.
- All parties involved in the real estate transaction then need to apply for a No Objection Certificate (NOC) to move forward to the next step. This will allow for the transfer of ownership. Once all outstanding service charge
payments are finalized, the developer will be able to provide an NOC.
- The last stage of the buying process is the transfer of title from the seller’s name to the buyer’s name. The Title deed is the most important document of all when it comes to your Dubai properties. It is your sole and conclusive proof of
legal ownership and is required if you wish to rent or sell your property in Dubai. This usually takes place in the developer’s office/Dubai Land Department and involves a fee which takes a few months to process, so keep
following up with your consulting agent on when you can receive the full title deed.
- Consult a lawyer for the process of drafting up the Sales and Purchase Agreement.