What is a transfer fee in real estate in Dubai? Until 2002, the Dubai property market was virtually closed to foreign investors. At this point, the Freehold Decree was brought into force, enabling foreign nationals to buy, sell and transfer property in Dubai. Before you make your purchase, though, there are aspects, like the question above, which you should look into.
Firstly, before starting the real estate transfer process, you should talk to your bank. Make sure that you have been pre-approved by your lender for any mortgages or loans you need to secure the property. This means that, in principle, you have the funds necessary to go through with the purchase. You now know what your maximum budget is, and so this can save wasted time by ensuring you only look at property you can afford. Next, find out about and plan for the additional costs. As with any property market, buying property in Dubai will incur additional expenses and fees, such as the aforementioned property transfer fees. There will also potentially be legal fees, developer’s fees and agency fees. Land registration and maintenance fees may also be applicable. What is ultimately payable can differ, depending on whether you are buying “off-plan” or on the secondary market. Also, bear in mind that further down the line, you might have to pay service or maintenance costs, so factor these in for the future. Lastly, make sure you read and understand your contract of sale carefully. In Dubai, property purchases come with legal documents which can include Memoranda of Understanding and Sale Purchase Agreements, typically between buyer and seller. Make sure you fully read, and more importantly understand, your responsibilities as a buyer as set out in the terms and conditions of the purchase.
At Seal Real Estate Registration Trustee, we help property buyers and sellers comply with their responsibilities under the law, with everything from mortgage services to answering questions such as what is a transfer fee in real estate transactions? Visit http://www.sealra.com/ today for more information.