Transfer of title real estate and the general purchasing process is simple in Dubai compared to many other parts of the Middle East and the world in general. That said, the relative immunity of the Dubai legal system means you should exercise greater caution than usual when dealing in large financial transactions.
Always be sure you start by understanding the purchasing and property transfer process in Dubai. You can buy either from a developer, off-plan (i.e. before construction is complete) or from a private seller. When buying off-plan, you will need to submit your passport, reservation form and the reservation fee. The sales and purchase agreement will then be drawn up. If the property is still under construction, make sure your agreement includes the completion date and compensation arrangements in case this date is missed. When buying from a reseller, the memorandum of understanding sets out the terms and conditions for the sale, price and financing; as well as the date of the real estate transfer. Next, think about why you want to buy the property. Is it for investment or to live in yourself? This can have a big impact on the property you are thinking of buying. If it is an investment property, think about the rental market and future rental yields. Check what renters in Dubai are currently looking for in an apartment or villa. Next, it’s essential that you act with due diligence. Do as much research and ask as many questions as you need to determine the good reputation of the developer or estate agent. Finally, take advice on Dubai’s laws, taxes and charges as they relate to property purchase and transfer.
Seal Real Estate Registration Trustee are fully accredited and trustworthy Registration Agents for Dubai’s Land Department. We help with the transfer of title real estate property and mortgage services. Call us today on +971 436 17 776 or visit us online at www.sealra.com for more information.