Transfer real estate interest or ownership to a close relative, family member or friend: there are numerous reasons why you might want to do so. To guarantee the transaction runs smoothly, you need to take the right advice and follow all relevant guidelines, such as ensuring the applicable transfer fees are paid to the Dubai Land Department.
The reasons for a real estate transfer between relatives are various. It may be that parents, a partner or other family member simply want to “gift” a close relative property rights or interests during their lifetimes. However, the main reason for doing so is for inheritance purposes. In the same way people use offshore Jebel Ali Free Zone (‘Jafza’) holding companies to avoid paying certain taxes, people also gift property to avoid some of the more complex international inheritance procedures, which can be further complicated by Sharia Law practices. Many owners seek to carry out a property transfer of real estate interest to family members in the hopes that it will simplify tax and succession issues in the future. Other instances for property ownership transfers are divorce or marriage separation settlements, or when one party wishes to buy the other out. In some cases, owners of property in Dubai often simply feel it is better to have a second party on the title deed to their property. No matter which situation applies in your case, it is best to get advice from a qualified Dubai lawyer before taking action. Overall, though, while you will still pay fees to the Dubai Land Department, these are lower than other costs and taxes can be.
At Seal Real Estate Registration Trustee, we are registered DLD registration agents. We can help families transfer real estate between relatives while complying with the relevant legal framework. If you need assistance to transfer property options and interests, get in touch with us today on +971 436 17 776 or visit us online at http://www.sealra.com/ to see how we can help you.