Some of the important steps that should be followed in order to buy a property in Dubai
The procedure to buy a property in Dubai seems quite taxing for first-timers. It doesn’t matter from where you are, you need to look out for certain legal aspects attached to buying real estate. It is always necessary to buy a property that is under your budget and is fulfilling all the basic requirements. Dubai is becoming popular amongst foreign buyers. A lot of people are showing interest in investing to buy some lavish apartments and properties in Dubai these days. Below are some of the important steps to buy property in Dubai that should be followed by every buyer.
1- Establish A Buyer And Seller Agreement With One Another
As soon as you have found the right property on any of your choice portals, the first step is to negotiate and talk about the terms and conditions of the sale with the property seller. With the negotiation, you can easily compare buying property on cash or on a mortgage. You can use it to your advantage and consider taking the help of an expert or a real estate agent. When agreeing to the terms of the sale, make sure there is nothing more to ask or know between you and the seller. Be it over the selling price, mode of payment, and any other considerations that are important for the buyer to get the notice of.
2- Sign The Agreement Of Sale Carefully
The second necessary step to buy a property in Dubai is to sign the sale agreement.
The MOU is one of the RERA real estate firms in Dubai. Contract F is always available on the official website of the Dubai Land Department. Usually, the real estate agents in Dubai always take care of getting the contract ready for you on time. Once the contract is ready, both the buyer and the seller have to sign it, in front of a witness of their choice at the Registration Trustee office.
The buyer will also have to pay a standard 10% security deposit which is returned once the property transfer is finalized.
3- Request For An [NOC] – No Objection Certificate
After this, the buyer and the seller, along with the real estate agent will be meeting at the developer’s office. This meeting would help the buyer to apply and pay for a No Objection Certificate (NOC) to get ownership.
The developer will then issue the NOC and take some fee after making sure that there are no outstanding service charges on the property left.
4- Transferring Of Ownership With Dubai Land Department To The Buyer
After obtaining NOC, the last step of buying a property in Dubai is to meet the seller at the Dubai Land Department office to initiate the transfer. To let the property be transferred smoothly one must have the following documents ready-
- A manager’s cheque for the property price would be payable to the seller.
- The original identification proofs in the form of documents of both the buyer and the seller (Emirates ID, passport, and visa)
- The original NOC was issued by the developer to the buyer.
- Completely signed Contract F.
After the completion of all the formalities, a new title deed will be issued in your name and this will make you an official property owner in Dubai.
Above are some useful steps stating how to buy property in Dubai. As a buyer, one should always make sure to follow these steps in order to have a transparent and trustworthy procedure. This would help them in buying a property in Dubai that they are desiring to buy for a long time.
Buying a property is in itself a very important decision that should be taken keeping in mind one’s budget and interest. In Dubai, the properties are spacious and have all the basic amenities being provided. Follow the steps to buy a property in Dubai and enjoy living in your favorite place.
Dubai, the place with the tallest buildings in the world, is heaven for the real estate market. We, RGESTATE.COM (by Riveria Global), are a fast-growing real estate agency in Dubai. We have been helping people invest in selling and buying properties in Dubai with our real estate investment website since 2008. We offer top-notch homes for sale and rent in Dubai as well as full-service property management. We help customers in locating luxurious, inspirational, and ideal properties.