Buying Property in Dubai, Legal & Other Guidance

Buying Property in Dubai, Legal & Other Guidance
Buying Property in Dubai, Legal & Other Guidance

Buying property in the city of Dubai can be a quick and hassle-free process if you have the right guidance from real estate experts. There are many legal procedures and other formalities to complete once you choose a fruitful sale property in Dubai. Partnering with a certified and experienced real estate agent can make the right difference. Dubai is ready to welcome investors from all corners of the world.

Dubai Property Law

The property laws in the UAE are the same for everyone, if you wish to buy a property in Dubai, there are some statutory laws to follow. The law for purchasing a property in the city entails Law number 7, which relates to owning real estate land or property in Dubai. All UAE and GCC residents are entitled to buy property anywhere in the city of Dubai. For foreign investors, they can buy only specific properties in areas which are certified as freehold and leasehold.

The Difference Between The Terms Freehold and Leasehold

Freehold ownership refers to complete ownership of property minus any restriction. A leasehold ownership allows the owner to own a property for a certain time only (up to 99 years). Both property dealings are done under a lease agreement. The property lease can provide the owner with special rights such as to use any type of communal area like parking areas, garbage bins, bike sheds, or footpaths.

Steps to be Followed to Purchase Property in Emirate Dubai:

  • 1st Step – Preparation of buyer/seller deed or contract

When you have selected a good property, you need to discuss certain terms and conditions with the seller. You can pay all cash (pay upfront) or consider a bank mortgage finance. It is advisable to partner with a competent real estate agent to prepare the contract. A professional lawyer or agent can create a factually correct contract stating the exact price, payment methods, and other details to avoid misunderstandings in the future.

  • 2nd Step – Signing the Property Agreement

You can download the MOU or Memorandum of Understanding from the online platform Dubai Land Department. You can also include your own terms and conditions as a buyer in the contract. Once the contract is prepared, both the parties; seller and buyer should sign the paper along with a witness. All this work must be done at the Dubai Registration Office. You need to pay the security deposit of ten per cent on the property to the authority at the registration office. Once the entire transaction is completed, you will receive the amount back.

  • 3rd Step – Applying for NOC

You need to discuss with the building developer to obtain the No Objection Certificate and complete the ownership transfer. In case of any outstanding service bills or other charges on the chosen property, the developer cannot issue the certificate. Otherwise, he will immediately issue the certificate.

  • Ownership Transfer at Registrar Workplace

Armed with the required documents, attendance in person or an authorised representative you can fulfil the conditions for the transfer in a few steps.

  • Submitting the documents
  • Giving a cheque for the determined property price
  • Providing identification documents such as Emirates ID and passport
  • Submitting the NOC document
  • Submitting the signed MOU or F Form
  • Submitting the verified data
  • Payment of fees and accepting a receipt for the same
  • Receiving the final approval email

The transfer deed will be processed the very same day if both parties submit all correct documents. After receiving the approval mail from the registrar, a new contract will be prepared with your name as the new property owner.

The Admin Costs While Buying a Property in the City of Gold

You need to consider the admin fees while purchasing a new home in Dubai. It can include the issuing of the title of a deed (approximately 580 AED), the admin fees to the Dubai Land Department (approximately 4200 AED), and fees for the Dubai Land Department (approximately 4 per cent of the final property value).

The Role of the Trustee Office in Dubai

The Trustee centres are the main authorised offices of the Dubai Land Department to offer intermediary services between property-related clients and the DLD. The services include overseeing the work of property registration procedures, management of mortgages, and facilitating smooth transactions. The authorised officers verify all the property documents, ensure full compliance connected to DLD rules and regulations, and collect transfer fees required to be paid to the Dubai Land Department.

The officers also collaborate with all the parties involved so that the property-related process goes off smoothly.  Dubai Trustee offices play a vital role in maintaining the solidarity and efficiency of the realty market in the city. They form a common platform for local as well as foreign investors and property homeowners.

Things to Contemplate To Purchase A Property In Dubai

  • It is important to deal with authentic real estate agents registered under RERA
  • Documents penned in an international language must be duly attested and submitted after translating into Arabic
  • The title deed or contract must always include vital details such as the exact property location address, size of the property, owner’s full name, and type of property.
  • A property deal is the most important document for any future real estate transactions or even for raising disputes
  • The property transactions have to be registered within a period of 60 days counting from the date of signing the deed by all parties.
  • Prominent areas where freehold ownerships are allowed for foreign investors include Palm Jumeirah, Arabian Ranches, Downtown Dubai, and Dubai Marina.

The above-mentioned points can help you understand all the legal formalities involved while buying a property in the Emirate City. Investing in Dubai real estate is quite simple if you follow the correct procedures.

Company Bio:

If you wish to get deep insights into the lucrative Dubai properties, you may approach Falcon Premier Real Estate. Their dedicated team of real estate agents and consultants have precise knowledge about all kinds of properties. You can partner with the Falcon Premier Real Estate team to make your real estate purchase easier and simpler.

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