The procedure of purchasing the property has become more efficient by using various forms and processes issued by the Dubai Land Department (DLD). This Buyer’s guide will help you in understanding the step-by-step process when buying any property in the UAE.
Arrange your Capital
Before buying a property, make sure that you have enough capital to close the deal. You must have enough funds at the time of transfer if you’re buying a property in UAE.
Find the Right Mortgage & Get Pre-Approved
If you don’t have enough funds to meet the requirement of a seller, you need to avail financing. To have the best financing facility you should contact mortgage advisor or brokers and get pre-approved to confirm your budget.
Contact Real Estate Company or Broker
After capital arrangement, the next step is the selection of Real Estate Company or Broker. Being an individual it requires a lot of expertise and time to search for any property. Real Estate Companies have a pool of properties, all you need is to share your wish-list and they will suggest you the best places according to your demand.
Make an Offer
The next best thing after finalizing your property is to make an offer. After careful consideration you should immediately give your offer with 10% deposit, it will put your position at par.
After the acceptance of your offer, Form F will be drafted by your real estate broker. You need to go through with the clauses and sign contract with the submission of cheque deposit of 10%.
Engage a Conveyancer
Buying a property on mortgage involves a lot of documentation and time. An individual is not expert enough to deal with this. To save your time, it’s is recommended to hire conveyance services for assistance.
Apply for NOC
After the finalization of all documents, you need to obtain No Objection Certificate (NOC) from the developer. The purpose of obtaining NOC is to have surety from the developer that the property is free from any exceptional service costs.
Transfer the Property
After obtaining NOC, the next step is to transfer the property. All the parties have to reach at the office of Dubai Land Department (DLD) to execute the transfer process.
At this time you have to pay cheque for 4 percent transfer fee for the DLD transfer fee and will also pay for the DLD office administration fees.
After completing all the formalities, you will be issued a new title deed under your name along with all keys and access cards of the property.