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We will market your property on all the major property portals and through our own website and client network. We will make sure your asking price is in line with market expectations.
Proof of ownership, which could be the Title Deed, your purchase and sales agreement or mortgage agreement and proof of registration on the land department's registry or interim registry.
Copy of your passport, if applicable with residence visa page.
We will advise you on that, after we have carried out the inspection and compared your properties to others in the area. Our letting agents will provide you with a professional valuation.
You may have to discuss the terms of the rental agreement should the tenant or you want to add any conditions to the basic contract. We will collect a security deposit from the tenant we will pass on to you once the final agreement has been signed. We will hand over the keys to the tenant as soon as we have either the full rent or if agreed post-dated cheques in our hands and again pass them on to you along with the signed tenancy contract.
The tenant has to let you know three months by law, or as stated in the rental agreement, whether he/she intends to move out. Equally you would have to let to know the tenant in this time frame whether you require the property for yourself. This would be the time to renegotiate the rent and any other terms of the agreement. We can do this for you if you instruct us to.
In most instances, the transaction process goes as follows:
Buyer chooses the property.
Buyer and seller sign the sales and purchase agreement, where all the terms and conditions of the deal are mentioned: the purchase price, additional expenses (agency fee, transfer fee at the DLD, developer’s fee, service charge refund, etc), the transfer date of the deal at the DLD, terms of payment and clearly-defined responsibilities and penalties for both parties in case they fail to uphold the conditions set out in the agreement.
On signing the agreement, the buyer pays the deposit. This is usually 10% of the purchase price.
The seller applies for a no-objection certificate (NOC) from the developer in order to sell the property. The NOC is required for the transfer process at the DLD.
Once the NOC is ready, the buyer and seller can transfer the property and register it on the buyer’s name. Usually, payments need to be made at the time of registration.
Many of the institutions that offer mortgages also offer the option of “pre–approved financing”, which allows you to have your loan approved prior to choosing which property in Dubai you would like to purchase. This expedites the overall process and satisfies those sellers that require financing before agreeing to sign a Sale and Purchase Agreement. Validity of the pre-approval is usually 30 days with most banks.
Properties without title deeds may not obtain Mortgage. Such properties can be only brought by cash buyers on Oqood (Pre Registration title)
However each bank has its own policies and procedures with the respective developers.
The purchase of property on a freehold basis means that the property is registered in the owner’s name by way of a Title Deed registered in the Dubai Land Department. The owner has the right to sell, lease or rent his/her property at his/her discretion.
Areas for freehold properties are designated areas for expatriates, whereas non- freehold property is property limited to UAE Nationals and GCC Nationals.
A 2 year residency visa is granted for properties above AED 1,000,000.
Any person of any nationality, whether based overseas or a resident of Dubai, can purchase in Dubai's freehold property market in designated areas. You are not required to hold any type of residency or similar permit in order to purchase property.
The registration cost of Title Deed should be shared between the buyer and the seller, but in practice today, it is paid by the buyer. Standard fees are 2% and are paid by both parties, subject to negotiation between the parties.
RERA – Real Estate Regulatory Authority which is part of the Dubai Land Department is a government agency which licenses real estate agents, brokers and developers and regulates all real estate activities in Dubai.
The lease agreement must be registered with EJARI. EJARI registration protects the landlord and the tenant to confirm the landlord as the rightful owner and to protect both parties in the event of a dispute. The registration is executed by the landlord and the registration fee of AED 195.00 is paid by the tenant.
It is a signed agreement between an individual/company and a landlord for a one-year period or longer, as agreed upon by the landlord and the tenant. It includes the tenant and landlord's details, their responsibilities and agreed upon rental amounts.All payments are to be made payable in the landlord’s name. The cheques must be handed to us in order that the lease can be prepared by the landlord or landlord’s broker.
Whoever appoints the real estate consultants should pay the commission; however, commission can be paid by both parties, and this is agreed upon beforehand. They offer a service to either lease a property or sell a property. Alternatively, they will find a property for you to buy or rent. They are paid a commission for this service. Commission is always paid to a company, never to an individual.
It is an agreement between the landlord and the tenant listing the terms and conditions of leasing the property.