Thursday, 22 Sep, 2022
Home to award-winning landmarks and architectural wonders, leading a meaningful life in Dubai is a dream of many. In the wake of long-term visa residency and new retirement laws announced in UAE, Dubai has experienced attention from first-time buyers.
An avid property investor might not find it hard, but being a beginner will take you nowhere. It’s because the process will be daunting with so many factors to consider at once. Yet, there’s always a way out.
As a novice, if you’re wondering how to walk through the entire property dealing process smoothly and easily, we’ve got your back. Let’s delve into our comprehensive step-by-step guide for property buyers in Dubai.
Before you hunt for the property, you must accumulate the funds to invest. In this regard, it’s important to avoid the heartache of moving into your dream home and face reality.
So, the crux here is to know about property buying cost in Dubai and manage your finances accordingly. It’s one of the major parts of our guide for property buyers in Dubai. Yet, it makes you appear confident in front of sellers and real estate agents with a proper cost estimate.
When applying for a loan, ensure you maintain a good credit score. Or else there’s a higher chance of your application getting rejected. In this regard, you can consult a professional real estate attorney and seek advice for approval.
Next, sit back and make a list of all the property features that you’ll need. It can be the number of bedrooms, the living room space, or the extra workplace area. Once you’re done with the virtual space, consider everything you want your property to own. For this purpose, you can head to Horizon Realty and look for suitable properties per your requirements.
For instance, there should be a swimming pool, an outdoor barbeque area, or a private garden. Remember to compromise on anything that is out of your budget.
Another notable aspect of our guide for property buyers in Dubai is finding a property portal. It will help to bring suitable properties to your table.
Experts at your selected property portal will share suggestions and insights about the neighbourhood you’re interested in. Since they have a wealth of knowledge, it’s easy for them to make predictions about market recessions. Yet, you must seek their experience in the field. Also, determine the success ratio of their past dealings before hiring them.
Most first-time buyers are unaware of the extra fees that come with the process. And so, they assume the cost for the property is the final one. But that’s not the case. Although the room for negotiations is always open, you can’t ignore the expenses that tag along.
Some mandatory costs include DLD, agent’s commission, NOC charges, EJARI contract, and Title deed insurance fees. Keep your agent ahead of the procedure so he’ll walk through it easily without losing any loopholes.
While most buyers skip the part, our guide for property buyers in Dubai prioritises it. Once you’ve found a trustworthy agent, you must pour your heart out to them. From making an offer to negotiating and doing the paperwork and the keys’ handover, you’ll be needing them. It won’t only grant peace of mind but also keeps you a step ahead. So, there’ll be no hidden surprises.
If we go deeper into the details, the process breaks down into the following legalities.
Once you’ve selected a property and finalised the price, sign off the ownership contract ASAP. Before proceeding, ensure you’ve read all the clauses mentioned in the agreement. Also, you can try negotiating more with the seller if they are not lenient enough to make the changes.
Getting the contract ready for the buyer is the agent’s responsibility. And so, both the buyer and seller will sign it off at the Registration Trustee’s office. It’s the most crucial step of our guide for property buyers in Dubai, which also requires a witness.
Although the agent usually acts as a witness, the deal becomes official afterwards. Besides, the buyer has to pay a security deposit of 10% of the amount to the trustee. Yet, they will reverse the amount after the transfer of ownership.
When you’ve signed the contract, a meeting occurs between the seller, buyer, and the real estate agent. It’s called a No Objection Certificate, with the primary purpose of transferring the property to the buyer. While the office’s head is in charge of the meeting, he charges a nominal fee for the procedure.
The last step of the guide for property buyers in Dubai is the transfer of ownership. It’s the moment when buyers get to see their dream turning into a reality of becoming a homeowner. The transfer of ownership takes place by meeting the seller at the DLD’s office. Yet, the buyer must ensure to carry a few docs, including identification cards (Emirates ID, Visas, and passports), an original NOC, and a signed Memorandum of Understanding.
Purchasing a property for the first time doesn’t always need to be overwhelming. And for that cause, you must review your finances and prepare yourself as an experienced investor. Also, you need to be patient to go through the buying process. If you cannot get up on your own, the above guide for property buyers in Dubai will come in handy.
