Ever had doubts about investing in Dubai’s real estate? Well, we’re here to answer some crucial questions for you! Below are a few frequently asked questions that everyone interested in Dubai Real Estate asks. Find what you are looking for or contact us for a customized or detailed query.
1. What are the documents required to purchase a property in the UAE?
For a non-resident, only the passport copy is required, but for a resident of the UAE, the passport copy, Emirates ID copy, and Visa copy are required.
2. How can an investor verify that the property he is going to purchase is genuine and government-approved?
All of the projects here are genuine and approved by the government, so the whole process of buying and selling is monitored by the UAE government as follows:
A)For Off-plan properties the buyer will pay against an ESCROW account under the name of the project itself, and this account will be monitored by Dubai Land Department, so the developer can’t withdraw the money before their construction process has advanced.
B)For ready to move in properties the transfer will be done in a trustee office. As the trustee office takes a manager cheque from the buyer and the original title deed from the owner, they do the transfer and give the seller the manager cheque then the buyer the new title deed under his name.
3. Are non-residents of UAE eligible for a mortgage?
Non-residents in UAE are eligible for mortgage only on a ready property. The bank can mortgage maximum 50% of the property value as per the evaluation will be done by a registered company.
4. After buying a property, how many and what documents will they get?
After buying a property, if the property is Off-plan, the buyer will sign a booking and he will get Sales and Purchasing Agreement (SPA), and he will get something called an “OQood”, which is an initial title deed till the property is read, then he will get the original title deed after the handover.
If the property is ready, the buyer will get an original title deed under his name right away
For The Secondary Market:
Signing the MOU (memorandum of understanding) is the first step. This is an official contract between the buyer and seller, drafted by the Real Estate company. After both parties sign it, the buyer should keep a check for 10% of the sale price as a guarantee cheque with the real estate company
Our next step is to pick a specific date and time for the transfer and to make an appointment with the trustee office. In order to proceed with the transfer, the buyer should bring a manager’s check or cash for the full amount of the property value + 4% Dubai Land Department fees + AED 4200 for trustee office fees + the Real Estate company’s commission.
The buyer should bring all his original personal documents, including the original title deed. Both parties will present their original documents to the trustee office. After the transfer is completed, the trustee office will provide the seller with a manager’s check, and the buyer with an original title deed.
5. Lastly, Do I need aReal Estate Agent?
Absolutely! Our recommendation is to always make use of a trained professional to help you navigate Dubai’s investment process. We at Arosa Real Estate specialize in helping buyers navigate this unique market in order to ensure you make the right choices for your goals, both personally and financially. Arosa will be your one-stop shop for all your real estate needs and will personalize our relationship with you to meet your needs.