How To Buy A Property in Dubai?

Make sure you have the money available for the transfer of the property when you begin searching for properties to purchase in Dubai. If you are purchasing in cash, ensure you have money in hand.

To obtain a mortgage, you should speak with a mortgage advisor in Dubai who will arrange pre-approvals from banks to determine your budget. A 20% deposit is required for a mortgage if you plan to get one.

You will need a RERA-qualified broker who will help you find the ideal investment property or home in Dubai once you know your budget. To represent you in upcoming negotiations, your broker will sign a Form B contract.

The sooner you make an offer on a property you love, the better. In order to negotiate effectively, you need to have your mortgage pre-approval ready, as well as your 10% deposit to secure the property.

Both parties must confirm the price via a legally binding agreement known as MOU (Memorandum of Understanding), also called a Form F in the RERA. The sale will be recorded using the Dubai Brokers App, where you will be asked to make a current dated check as a 10% deposit as well as a PDC for the brokerage commission. Your MOU should include all aspects of your contract, such as the length of time permitted until transfer and the rent or service charges to be paid.

The sales process is usually handled by a professional conveyancer. You will be guided through the entire process by a good conveyancer.

A NOC will be required from the developer of the property prior to the sale, ensuring that there are no outstanding service charges on the property. The seller applies for the NOC.

Buying a property with a mortgage will require you to go through “blocking”. Your goal is to “block” the property with four cheques after the seller receives a liability letter from their bank.

• One cheque will be for the outstanding mortgage in the seller’s bank name.
• One cheque will be for the purchase price remaining in the name of the seller.
• One cheque will be for 4% transfer fees in the Dubai Land Department’s name.
• The last cheque will be the manager’s cheque in the agency’s name.

The broker, conveyancer, and seller will meet you at the property transfer office. You will probably need your managers checks ready since property purchases in Dubai can only be made with cash or managers cheques. Additionally, you will need a cheque for 4% of the property’s value to cover the DLD transfer fees and also cash to cover administration fees at the DLD office. After the transfer is completed, your new title deed and keys will be sent to your new address, and your transaction will be registered with DLD.