A Buyers Guide for Purchasing Property in UAE
UAE has been a leading global trade and business hub. In the past decade, it has also emerged as a rising real estate market. It provides the best real estate investment options for both experienced investors and individual property buyers with many new policies and regulations launched by the UAE government on real estate transactions. Here is a detailed buyer’s guide that we have put together for your assistance.
It’s a good time to buy if you want to move here after your mentor expands your real estate business in the Gulf state. However, it can be tricky to buy a new country property, particularly when the industry is rife with scammers. Use this property buyer guide to navigate through the entire process of purchasing properties in the UAE.
A Buyers Guide for Property Purchasing in the Gulf State
Here’s how one should go about buying a property in UAE:
What’s Your Budget?
Decide your budget so that you can know your price range. One of the best ways to get started is to get a mortgage pre-approval. However, if you’re buying in cash, then make sure the money is available at your disposal in the UAE at the time of transfer.
Work with a RERA Broker
The next step is to find a qualified and experienced real estate broker. The broker can do all the legwork for you and find a good property in the UAE. Once you find a broker, you will have to sign a Form B contract with them. This will help the broker represent you in home buying negotiations
Make Your Offer
Once you find your dream home, make an offer. Allow your RERA broker to negotiate with the seller and close the deal skillfully. To be in a stronger position, have a mortgage pre-approval and a 10 percent deposit ready to secure the unit.
Upon agreement, you will enter a legal binding agreement, also known as Memorandum of Understanding (MOU). You will have to write a cheque in the seller’s name for the 10 percent deposit. Plus, you will have to provide a PDC in the name of the broker for the commission.
Seek Services of a Conveyancer
Seek the assistance of a reliable conveyancer to administer the sales process and guide you throughout the process.
Before the deal is closed, you will need to get a NOC from the property developer. This document ensures that the property has no pending or outstanding service charges.
Transferring the Property
Once finalized, the next step is property transfer. For this, you will have to meet the broker, seller, and conveyancer at the transfer office. The purchase will be in cash, and you will also need to bring a cheque for four percent of the property’s value for the DLD transfer and administration fees. As soon as the sale is registered and the transfer is complete, you will get the new title deed and keys to the property.
Finally, you can celebrate. Arrange a housewarming party because it’s now time to move in and make beautiful memories in your new home.