How to Buy Real Estate in Dubai: Step-by-Step Instructions for Resale
1. Choose your property
Our highly qualified agents will help you to choose the type of a property, and give advice on which area is the best to invest.
2. Discussion of terms
At this stage, you and the seller need to agree on all the details of the future purchase, including cost, timing, furnishings and other nuances. If the agreed conditions suit each of the parties, then you can proceed to drawing up a purchase and sale agreement.
3. Sale and Purchase Agreement
The agent draws up a contract in accordance with the requirements of Dubai Land Department and sends it to the buyer for signing.
4. Deposit paymnet
Аfter signing the contract, the buyer must pay a deposit in the amount of 10%of the value of the purchased property. It is issued in the form of a check addressed to the seller. The deposit receipt must be kept by the agent. Its transfer to the seller can be made only in the presence of a representative of Land Department at the time of ownership transfer to the name of the new owner.
5. Comission payment
Along with the deposit, the buyer must provide the agent with a check for payment of the service fee (2% of the price of the property). It will be possible to cash out such a check only after the successful completion of the transaction.
6. NOC
At this point, both parties to the agreement, or their representatives, must apply to the developer for a no-objection certificate (NOC). It acts as a confirmation that the owner has no debts related to this property. If there are any, then the owner undertakes to pay off all debts, and only after that they will be able to receive a NOC certificate. Depending on the location of the building, two certificates may be required: one from the property developer and the other from a master-developer of the area. Registration of this document can take from three days to one month.
7. Transfer of ownership
After receiving the NOC certificate, the buyer and seller or their authorized representatives can proceed with the transfer of ownership. To do this, you need to
contact the office of Dubai Land Department and provide a valid certificate of ownership and a letter from the developer. If the interests of any of the parties are represented by an agent, then they must have a valid power of attorney.
8. Title Deed
Upon receiving a certificate of ownership in the name of the new owner, the buyer must pay the full cost of the property. Provided that the purchase is made through a payment plan or credit funds, payment is made according to the contract. Upon
completion of the transaction, the new owner will receive a title deed in their name within three business days.
Our highly qualified agents will help you to choose the type of a property, and give advice on which area is the best to invest. The purchase can be done personally or remotely, and the payment can be made either by cash or cryptocurrency.