What Are The Essential Steps You Need To Take Before Buying Property For Sale Dubai?
- February 13, 2020
Amidst hundreds of skyscrapers and thousands of properties, finding the right one in Dubai is really an onerous task. If seen closely, the real estate industry of Dubai is very different than the other towns and countries of the world. Going through the property for sale in Dubai takes into consideration several factors- right from ascertaining all the legal terms and conditions are met to, following the right procedure.
According to the professionals associated with the real estate in Dubai, the following are some of the essential steps that one need to take prior to the purchase of property for sale in Dubai —
- Deciding on Where to Buy the Property –
The purchase of property just at the right location is the key to a successful investment. Stress should be given on purchasing the property matching with the requirement of the work and lifestyle. Apart from this, investment should be such that all the basic amenities are easily available or present in the vicinity.
- Type of Investment –
Dubai offers its investors with two types of investment- leasehold, and freehold. In most cases, commercial investment is done on a lease basis that spans from 33 to 99 years while residential property for sale in Dubai is freehold.
- Eligibility to Purchase Property in Dubai –
Unlike many other places and countries, Dubai does not bar any person from buying property. In fact, HRH the Leader of the Emirate of Dubai has allocated some of the authorized places for freehold properties where people from a different country can invest in property. In short, one needs not to have any type of citizenship or permission to buy property for sale in Dubai.
- Procedure to Follow Strictly –
Dubai is very clear about the proceedings and follows transparent dealing. The procedure is simple and straightforward in most of the part and includes the following essential —
- The seller and buyer must enter into the terms and conditions of the agreement
- MoU (Memorandum of Understanding) between the two parties need to be signed and in most of the cases, an amount equivalent 10% of the total cost is paid as deposit money
- Post this, the two parties need to appear at the offices of the developer in order to obtain a NOC (No Objection Certificate) for the property for sale in Dubai
- NOC is issued by the real estate developer against the equivalent some amount only when ascertaining that all the formalities are fulfilled and met properly
- The next step is to officially transfer the ownership. For this, the two parties need to visit the office of the Dubai Land Department. Once all the formalities are done, a deed is issued in the name of the new buyer
- In case of loan or mortgage, financer’s involvement is a must. Though, in such a case, the process becomes a little complex.
- Official Documents Required –
Dubai welcomes people from different countries for investment. However, this does not mean that one needs not to submit his/her identity. To purchase property for sale in Dubai, one should have the passport of the country from where they belong. There are other essential official documents required which need to be furnished prior to the purchase.
Step-by-step proceedings will always ensure that the investment is right. Apart from this, ascertaining all the formalities are fulfilled will help in the smooth proceedings and hassle-free purchase. Therefore, an individual must always look out for the required criteria before deciding to invest suddenly.