What to Have in Mind While Buying A Property In Dubai?

Damac Hills

Property in Dubai


Read and understand the instruction of the contract carefully

If you wish to get a hold on the property of Dubai you need a Sale and buy Agreement (SPA) or Memorandum Understanding (MOU) between the client and therefore the seller. These documents sketch all the terms and conditions that defining the responsibility of a Buyer and Seller in completing the transfer of the property title/ownership from the vendor to the customer. Verify everything that is mentioned within the agreement and don't sign the documents unless you understand and agree with all the terms and conditions mentioned within the documents.

Carefully understand the purchasing process in Dubai

Clients who are thinking of buying a property in Dubai either 'off-plan' from the developer or 'resale' from a non-public seller. If you purchase 'off-plan' from a developer, then you have to submit your passport simultaneously with the reservation form that outlines the terms and conditions of the deal. Also, a reservation fee of 5-15% is paid to draw up the SPA, which further commits both parties to the deal. If you get an apartment purchasable in Dubai from a non-public seller, an MOU which outlines the terms and conditions of the deal must be signed, post which the customer puts down a 10% deposit of the property price to substantiate his purchase.


Seek Advice of the Specialist

If you're buying a property then it's highly recommended that you just seek legal advice to assist you with the purchasing process. This process isn't mandatory, though. However, it's advised to try to so as this may undermine any potential future risks. Many of the businesses registered under the Dubai Land Department have their in-house property lawyers and Escrow facilities to make sure transparency and safety, both for the vendor and buyer.

Dubai Real Estate


https://www.indusre.com

Indus Real Estate LLC is a Real Estate Regulatory Agency (RERA) Registered company, established since October 5, 2004 and in business for over 16 years with a solid UAE & International client base. We are actively facilitating various property transactions exclusively in Dubai UAE. At Indus Real Estate LLC the range of services focus on all aspects of property Selling, Buying and Leasing both Residential & Commercial. Our efficiency is derived from a combination of experience and knowledge of the local property market.
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