What Are Legal Steps to Buying A Property in Dubai?
As you probably know, the real estate market in Dubai has gained huge popularity in the past few years. Owing to the amazing benefits that the city offers, many wish to invest in the Dubai property market for high capital gains and a high amount of profit. Many others also wish to buy a house in Dubai just to experience its incredible lifestyles and start living here. But just like any other city, buying real estate in the UAE has its own steps that you should be aware of. This is why we are supposed to talk about legal steps to buying a property in Dubai in this article. So, do not miss the rest of the text if you are also keen on Dubai properties for any purpose…
Legal Steps to Buying A Property in Dubai- Step 1
Once you’ve found your desired property through www.unitedseven.net, or any other real estate companies, the very first step of owning that property is to negotiate with the owner of the property and outline the terms of sale.
You might be aware that you have two options to buy a house in Dubai; paying cash or applying for a mortgage. We recommend you to choose the first option for your purchase as some properties offer discount for cash buyers. So, it helps you save money.
After this, make sure that you have read and found out all of the sale terms. Everything should be clear for you. For this step, our real estate agents will be with you to assist you.
Legal Steps to Purchasing A Property in Dubai- Step 2
Signing the sale agreement is the next stage when you want to buy a property in Dubai. The Memorandum of Understanding (MOU) is the name of this agreement.
It is actually one of the RERA real estate forms in Dubai. It will be available on the official website of the Dubai Land Department. However, you won’t need to do anything. Our real estate agents will get the contract ready for you.
After getting the agreement ready, you and the seller need to sign it. After that, the real estate agent will sign it at the Registration Trustee office.
There’s also a security deposit that you need to pay to the Registration Trustee. It is 10% of the property price. This amount will be returned after transferring the property.
Legal Steps to Purchasing A Property in Dubai-Step 3
Going to the developer’s office is the next step. The real estate agent will also be with you. Emaar Properties and Dubai Properties are two examples of developers in Dubai.
This meeting is to apply and pay for an NOC. It is actually a No Objection Certificate with the goal of transferring the ownership of the property. The NOC will be issued by the developer provided that there’s not any outstanding service charges on the property.
Legal Steps to Purchasing A Property in Dubai-Step 4
After obtaining the NOC, one legal step will be left. It is going to the Dubai Land Department for the transfer to take effect. For this step, you must have the following documents ready with you at the DLD office:
- A manager’s cheque (payable to the owner)
- Your original Emirates ID, passport and visa
- The original NOC issued by the developer
- Signed Contract F (MOU)
After completion of these steps, a new title deed will be issued in your name. The title deed will make you the official owner of your chosen property.
Make the Process Easier through United Seven Real Estate!
In the above text, we talked about legal steps to buying a property in Dubai. But the good news is that you don’t have to do any of these steps by yourself. United Seven Real Estate is here to walk you through the process, and make everything easier for you. With full knowledge over any of these steps, our real estate agents are ready to buy the most suitable property for you in the shortest time possible. You can contact us on WhatsApp anytime, and our team will be ready to provide you with 100% FREE advice.