Buyer’s Guide To Purchasing Property In The UAE
The UAE has been a leading global trade and business hub. In the past decade, it has also emerged as a rising real estate market. It provides the best real estate investment opportunities for both experienced investors and individual property buyers, with many new investment-friendly policies and regulations launched by the UAE government on real estate transactions.
This is the ideal time to leave you real estate footprint in Dubai by purchasing a property. However, it can be tricky to make such an international real estate purchase in an industry rife with scammers. Footprint Real Estate is here as your trusted, reputable guide to ensure your process of purchasing UAE property is safe and beneficial to your long-term plans.
What to keep in mind when buying property in the UAE:
Decide your budget so that you can know the price range you’re looking into. One of the best ways to get started is to get a mortgage pre-approval. However, if you’re buying in cash, make sure the money is available at your disposal at the time of transfer.
The next step is to find a qualified and experienced real estate broker, making sure they are RERA certified. The broker should be able to do the legwork for you and help you go through the options until you find the right property in the UAE. Once you feel confident in your broker, you will have to sign a Form B contract with them. This will help the broker represent you in home buying negotiations.
Seek the assistance of a reliable conveyancer who will administer the sales process and guide you throughout the process.
Before the deal is closed, you will need to get a NOC from the property developer. This document ensures that the property has no pending or outstanding service charges.
Once you find your dream home, make an offer. Allow your RERA broker to negotiate with the seller and close the deal skillfully. To be in a stronger position, have a mortgage pre-approval and a 10% deposit ready to secure the unit.
Upon agreement, you will enter a legal binding agreement, also known as a Memorandum of Understanding (MOU). You will have to write a cheque in the seller’s name for the 10%t deposit, and provide a commission PDC in the broker’s name.
Transferring The Property
Once finalized, the next step is property transfer. For this, you will have to meet the broker, seller, and conveyancer at the transfer office. The purchase will be in cash, and you will also need to bring a cheque of 4% of the property’s value for the DLD transfer and administration fees. As soon as the sale is registered and the transfer is complete, you will get the new title deed and keys to the property.
Finally, you can celebrate. Arrange a housewarming party because it’s now time to move in and make beautiful memories in your new home.
