Real estate transfer is the term used to describe the transfer of ownership of a unit of property, for example a house or plot of land, between two or more parties. There are many reasons for a property transfer. Perhaps the most common is buying a home, but it can also cover the inheritance of a property or land; or the 'gifting' of a property from one person to another. The process can be quite complicated, especially when there are more than two parties or groups of people involved – a necessity when there are finance arrangements such as loan, mortgage or other finance deal in place.
Perhaps unsurprisingly, when you transfer real estate, there are a number of fees to be paid. In Dubai, parties wanting to transfer real estate must do so through a 'Registration Agent' or ‘Registration Trustee’. These companies have been registered with and approved by the Government of Dubai’s Land Development Department. They will charge real estate transfer fees or Dubai Land Department transfer fees for completing all the necessary registration requirements when any land or building changes ownership. These transfer fees can be broadly divided into two categories. The first category, often called a 'service fee' or similar, is the amount you pay the Registration Agent for the services they provide in completing all the registration requirements. Without these, the property is not transferred in law, potentially leading to multiple problems further down the line. You need to be able to rely on the Registration Agent to know exactly what they are doing: both what kind of contract or agreement they need to register; and how to register it. This service fee is set individually by the Registration Agent and will cover knowledge, expertise and time needed to complete the registration. When buying a home, an investment property or real estate, you should not necessarily choose what appears to be the cheapest offer, but carry out a couple of simple checks first. Firstly, ensure the company is an approved Registration Trustee and not just displaying the symbol with nothing to back that up. Next, look for references from past clients, such as reviews and testimonials online and elsewhere, that this Registration Trustee's service is robust and reliable.
The second category of fees might more correctly be called real estate transfer tax. It is money you need to pay to the Government of Dubai for the privilege of transferring the ownership of property from one person to another. You will not have to pay the Government directly. The tax is collected by the Registration Trustees, often being called 'standard fees' or something similar. They are responsible in law for passing that money to the Land Development Department and the Government. This tax or standard fee is set by the Government, not by the Registration Trustees, and the latter therefore all charge similar standard fees. The Land Development Department also publishes details of the tax so that you can check to make sure the Registration Trustee is charging the correct tax amounts for your type of real estate transaction. The Dubai Government has recently put a lot of effort into streamlining real estate transfer, significantly overhauling the system. They have established the criteria for, and approved, a number of Registration Trustees; and also produced standard contracts for many real estate transfers, to reduce reliance on the legal system. They have invested in computer infrastructure so that most transfers can be conducted much more swiftly. All of this has been achieved while keeping tax levels low. Property in Dubai can now be transferred a lot more quickly and cheaply than in many other jurisdictions. At the heart of this is the system of Registration Trustees. For your transaction, you need to find an expert agent to handle the details, such as Seal Real Estate Registration Trustee.
Situated in the heart of Dubai, Seal Real Estate Registration Trustee are committed to providing expert real estate and Registration Trustee services. Our reputation in property transfer is second to none. We offer the latest innovations: you can book your appointments online, for example, at our website, http://www.sealra.com/, which also details our extensive range of real estate transfer registration services. Contact us via our online form or by sending an email to email@example.com. We are also happy to talk to you on the phone when you call us on +971 436 17 776.