Transfer of real estate property in Dubai is inevitably different to other real estate markets worldwide. Making sure that you have expert advice from a Dubai-based real estate agency and legal advisor for land transfers, mortgages and all of the applicable charges and fees involved in this process can be invaluable.
Here, we look at some of the fees you may have to pay when involved in real estate transfers in Dubai. There are several fees charged by different agencies at various stages of the process of real estate transfer, whether you are buying, selling or transferring property to a relative, for instance. They can be applicable to either or both parties, the buyer and the seller. No Objection Certificate (‘NOC’) fees are charged by developers, usually to the seller. The cost can be between AED 500 & AED 5,000, depending on the value of the property and the transaction to be carried out. There may also be a refundable deposit on this when the buyer presents the new title deeds and records are amended, at either the Dubai Land Department (‘DLD’) or one of its appointed Registration Trustees. Real estate agents will charge a commission of 2% of the purchase price of the property. Property transfer fees are calculated at 4% of the final price of the property, as well as an admin fee which is usually up to AED 5,000 and payable to the DLD. Finally, you are likely also to pay mortgage registration fees, unless funding the purchase in cash. Mortgage registration fees are currently calculated at a rate of 0.25% of the mortgage value, again payable to the DLD. Developers will also usually ask for an annual service charge to be paid upfront.
Ensuring you stay on top of the fees payable is essential to a successful transaction. Seal Real Estate Registration Trustee assists with the transfer of real estate property between buyers and sellers. Find us online at http://www.sealra.com/ or get in touch with us at firstname.lastname@example.org.