Property transfer fee in Dubai is something that is charged on land sales and purchases. There are many aspects such as this to consider if you decide to buy a property in Dubai as an expat buyer. What property laws do you need to follow, what are the costs and procedures and what should you do before buying? Here are a few guidelines.
Once you have chosen to buy a property in Dubai, one of the most important things you can do is to have the property surveyed. If you are buying on the secondary market, it is a good idea to have a property surveyed by a professional company. A surveyor can assess the property’s current condition and alert you to any risk of future high maintenance costs. This is even more important if you are buying a property which has remained empty for several months or longer. Once the property transfer is completed, then the maintenance costs fall to the buyer, so ensure you know what you are buying into. To understand and comply with all Dubai property laws, it is highly recommended that you also seek professional legal advice to ensure you comply with your responsibilities, such as the Dubai Land Department transfer fees. Non-payment of these can result in hefty fines. Finally, make sure there is an ‘opt-out’ clause added to any sale agreement or memorandum of understanding. This allows you to break off the deal in the event of your mortgage or other financing options failing to come through. This can also indemnify the purchaser against losing their deposit if the bank’s property value evaluation is significantly lower, for example, than that of the seller.
To cover your responsibilities as regards the property transfer fee in Dubai payable, plus assistance with the registration of mortgages, sales and other land transactions, visit us online at Seal Real Estate Registration Trustee, http://www.sealra.com/. Contact us today with any queries at info@sealra.com.