Dubai is an amazing destination, there is modern architecture and a vibrant atmosphere that allures foreigners. There are lots of people who want to stay. Real estate and tourism drive raise their economy. If you seek to buying a residential property in Dubai, then it can be stress full task.
But don’t worry the best real estate consultant in Dubai will help you to buy a residential property in Dubai with low investment. The process of buying a residential property in Dubai, typically takes three to ten weeks period.
There are a few steps that need to know before selecting a residential property.
- You need to gather all the documents required for property transfer: emirates ID, passport, copy of residence visa, and photos.
- In case a mortgage is needed, obtain pre-approval of the bank for the loan. Usually, it will take 1 to 2 weeks based on the completeness of the documents submitted to the bank. Every bank can have different kinds of requirements that depending on the buyer’s profession or the borrower that doing a job in the private sector. There is a fee associated with this process when a pre-approval is valid for 45 to 65 days.
- The minimal documents in this phase are passport, visa, Emirates ID, 6-month bank statement, a 6-month statement on a credit card, letter of incorporation, and all allowances, accounts of the company that have been covering for the past six months. Stating that there will be a salary certificate and all application forms with the required charges.
- Pre-approval would outline the common condition of the mortgage, but the final condition of the mortgage would base on the purchased property.
- When you finalized a property, in between the seller and the buyer a memorandum of understanding is signed. A memorandum of understanding is a standard draft and it may be downloaded from the website of the Dubai Land Department. How to be, the appendix may involve clauses and other conditions, involving the money transfer process.
- The buyer, seller, and the agents will have to appear at the registration trustee’s office. The memorandum of understanding presents a type of finality to the buying decision. The registration trustee would need a protection cheque for 10% of the sale price, that returns when the transfer of property ends. If the buyer changes the plan to buy the property, then the cheque would be cash only. In some circumstances, in case a force is announced, the buyer and the seller can mutually satisfy on a penalty amount that is low compared to a security cheque.
- The registration trustee after that sends the information to DLD for withdrawal, that is typically received within two or three hours. There is an amount associated with this process.
- The next two steps you can complete at the same time, obtaining the final approval and obtaining a no-objection certificate the two things you need to get from the developer. The no-objection certificate usually 2 to 5 days takes. Different developers can need the presence of the buyer, who will assign a security cheque cover service and preserving amount for 1 year. The developer also collects an amount for issuing a no-objection certificate.
- The issuing process of the final offer letter by the bank takes around 1 to 3 weeks. In case the bank’s conditions are not favorable, the buyer has the option to reject the loan and seek another bank.
- The bank of the seller procreates the liability letter and the bank of the buyer will clarify the liability.
- The final step that the buyer needs to book a transfer. To cash transactions, made payment by cheque or bank transfer to the registration trustee. In this phase the buyer needs to make the whole payment, involving all charges for issuing title deeds.
- In case the property is off-plan, there are slight changes in the procedure, in that case, the developer mostly does the legwork and made payment of the funds in escrow held with DLD, or in case it is available only to United Arab Emirates citizens with freehold region.
- It also crucial throughout the process is writing a will for the property buyer, who will decide how to manage the property must anything happen to the property owner unfortunate.
Above we stated the process of buying residential property in Dubai. The best real estate consultant services in Dubai will help you properly.