Real estate property transfer is often essential when shopping around in Dubai for a new investment opportunity. The luxury end of the residential property market especially has boomed and seen consistent growth. However, when buying, selling, transferring and registering property in Dubai, you are advised to seek the latest, unbiased market updates and advice.
But what underpins the legal framework? Well, in brief, anyone, whether a Dubai resident or overseas investor, can buy into Dubai’s property market in areas designated for sales by the Emir of Dubai. You don’t need to hold a residency or other permit to do so. Both leasehold and freehold properties are on the market in Dubai, with a high number of freehold properties in particular. The average timeframe for a real estate transfer to take place in Dubai is around 30 days from when the agreement for sale has been signed. But what are the procedures for property transfers in practice? The two parties agree a Memorandum of Understanding (MOU), sign it and a deposit is paid. The parties meet at the developer’s office and secure a No Objection Certificate for the sale, which usually incurs a small fee. Next, both parties visit the Dubai Land Department or one of its Registration Trustees to formalise the property transfer and for the buyer to demonstrate that he has the means to make the purchase. A new title deed will then be issued in the name(s) of the new buyer(s). If a mortgage will be used to buy the property, the bank will be involved at this point too; similarly, if the seller still has a mortgage, the issuer is involved prior to obtaining the NOC.
Real estate property transfer in Dubai need not difficult. Talk to us at Seal Real Estate Registration Trustee today to see how we can simplify the process. Visit us online at http://www.sealra.com/ to view our services or email us at firstname.lastname@example.org to find out more about how we help clients buy and sell property in Dubai.