STEPS FOR BUYING (FREEHOLD) RESALE PROPERTY

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1. Viewing or examination of the property

Be careful to use a RERA-licensed agent and stay away from going to the same property with different property agents because this can lead to a dispute over which agent gets the commission. It is must for the seller to have an official title deed to the real estate. If required, Dubai Land Department provides possession verification services.

2. MOU or Agreement of Sale between buyer and seller

A deposit is paid in the name of the seller (generally 10% of the sale value). The brokerage fees will not normally be charged if the deal is made directly from the developer.

3. Financing to be secured

Before the sale is finalized any payment or mortgage against the property should be cleared (this contains any mortgage cancellation fees). The purchaser bank will probably examine the property to perform estimation if the real estate is being purchased with a fresh mortgage. Normally, 20% of a down payment is necessary from expatriates.

4. No Objection Certificate

It is mandatory condition to get an NOC from the developer to be safe when transferring a property to a new owner. The seller will apply the NOC and make sure all bills and service fees are paid to get it. There may be a small fee to get NOC which will be paid by seller. The developer may also ask to pay a refundable amount which will be returned after copy of the new title deed is given.

5. Registration with Dubai Land Department (DLD)

It is necessary that both seller and buyers are there to make the transaction. But in case they are unable to attend a power of attorney can stand for the individual.

6. The final payment (made in the name of the seller) for the real estate and any extra charges must be cleared at this point. The following fees usually need to be paid:
7. Brokerage fee of 2% is given to the real estate agent
8. Transfer fee 4% is given to the DLD
9. For registration of property approx. AED 4,000 fee is given to DLD (for the real estate with price of more than AED 500,000 in value)
10. For issuance of the title deed approx. AED 580 fee is given to DLD
11. For mortgage registration fees is given to DLD (the fee is 0.25% of the loan value)

Additionally, buyers should be ready to pay any required service or maintenance fees to the developer association on pro rata or an annual basis.

7. Issuance of the title deed in the name of the buyer

In Dubai title deed is the known official document of possession and given by the DLD. Once the title deed is given, the buyer can get the keys for property.

After the deal is done, a request should be submitted to renew the possession records with DEWA (the Dubai Electricity and Water Authority). A new connection fee and seller’s signature will be needed to apply the application.