Dubai Land Department fees are charged to both buyers and sellers involved in transferring property in Dubai. Property in Dubai has been a magnet for foreign investment and practically every property available for sale in the city is a new-build. So if you are from overseas and planning on buying “off-plan” property in Dubai, what do you need to know?
When buying off-plan from a developer, an expat will need to submit a completed reservation form along with their original passport. The property transfer reservation should summarise the terms and conditions of the sale agreement as well as the details of how the property will be funded (such as a payment plan), along with personal details of both the buyer and seller. It should also lay out what Dubai Land Department transfer fees will be due from both parties. To secure the property, you will typically need to pay a reservation deposit of between five and fifteen percent, unless a figure outside this has already been stipulated. The formal sales and purchase agreement is drafted after the deposit has been paid. The purchase agreement is similar to the reservation agreement which both parties will have already signed. The difference is that this commits the buyer and seller to the deal. At this point, many developers require that expat buyers pay up to 20% of the purchase price of the property before the agreement is drafted. You should make sure to agree early on in the process when you will draft and sign the agreement, as well as handing over your deposit.
Dubai Land Department fees are due on all property bought and sold in Dubai and paid by the buyer and seller. At Seal Real Estate Registration Trustee, we help vendors and purchasers comply with their obligations as regards Dubai property fees. Contact us today on firstname.lastname@example.org or visit us at http://www.sealra.com/ to see how we can help you.