Real estate buying always sounds complicated, no matter how big or small the transaction may be. With so many legal aspects and lawful compliances, the process is impossible without expert help. When we talk about buying a flat in Dubai, the same legalities will apply. The recent changes in the law have made Dubai an easy place to buy or rent a property. However, you will always need to follow the legal steps when playing in the real estate market. This article will explain the entire process of how to buy a flat in Dubai with all the legal involvements. Keep reading to learn more!
Step by Step Guide to Buying a Flat (or Property) in Dubai:
Purchasing property has various legalities involved in the process. A foreigner or an ex-pat can easily be overwhelmed by the complexity of the process. With that in mind, we are here to help you with that. Following are detailed steps you need to follow while buying a flat in Dubai. Walk with us!
Search ideal location:
Would you like to live in a villa with all communal leisure facilities available? Or do you prefer a flat located near to the bus stations? The first thing on your mind should be choosing the ideal location for you. Foreigners most probably prefer living in villas to access facilities like gyms, tennis courts, and kids’ parks.
Being an ex-pat, you should look for a place where the property can buy and sell. Do you want a valuable suggestion? It would be best if you visited apartments for sales in JVC. You will find affordable flats with all the amenities available in the area.
Contact an agent:
Dubai’s real estate market is not easy to explore and excel at. Searching for the ideal localities will take much of your time, and still, you can make mistakes. The best way to avoid such mistakes is to hire a real estate agent. It would help if you conversed with somebody with expert information about the property market in Dubai. Domain specialists can help you discover properties and disclose your choices to you.
Laws and guidelines can change rapidly in Dubai, so recruiting a specialist will assist you with staying away from potential pitfalls. If you hire an agent, you are required to pay him a charge of somewhere between 2% and 5% of the worth of the property.
Establish an agreement:
Once you have selected a suitable area and a specialist, the next step is to establish an agreement. Discuss all the particulars of the deal with your seller and set all the terms. The skill to negotiate is the greatest benefit you have when looking at purchasing property on cash versus contract. Use it for your potential benefit. You can do it all alone; however, it’s likely best to enroll the master’s help of an expert.
When agreeing to the terms of the offer, ensure there are no ambiguities between you and the seller. Make clear the selling price, method of installment, and whatever other contemplations are critical.
Apply for NOC:
The next step is to apply for a no-objection certificate NOC. Transferring the ownership will always require you to hold NOC at the time the transaction happens. The NOC is issued at the property developer’s office. All the concerned parties (the buyer, the seller, and the agent) must be present at the time of issuance.
The NOC will be issued once the meeting is over. The purpose of this meeting is to ensure the property is free to buy or sell. Moreover, the authoritative parties check whether there are any remaining dues or outstanding charges on the property.
Effect on the transfer of ownership:
A new title deed will be issued against the flat once the transfer of ownership takes place. The process will take place at the Dubai land department (DLD), requiring all the concerned parties to be there. The buyer and seller need to come up with several documents. Some of these documents are listed below:
- Signed contract (MOU)
- The original copy of NOC issued by the developer
- Manager’s cheque for the price payable to the seller
- ID cards/Emirates cards/Passports of both the buyer and the seller
Once the process is completed, the buyer will officially be entitled to the new flat. The process is a bit tricky, requiring you to take expert help at different steps. If you want to become a property owner in Dubai, you should also consider apartments for sale in JVC. With easy and affordable prices, you will end up loving this place.
Become a Property Owner in Dubai with Real Estate Agents!
Dubai is open to all to buy or rent a property. With communal leisure facilities available all the time, the place is attracting more foreigners and ex-pats. Your chance of becoming a property owner is now. Get in touch with a real estate agent near you and become an owner!