Buying a property
Buying a home or any other property can be daunting for newcomers. Regardless of where you are in the world, you need to be aware of certain legal aspects related to investing in real estate. This is true in Dubai as well.
THE LAW OF BUYING REAL ESTATE IN DUBAI
The legal aspects of buying a property in Dubai are governed by the Real Estate Law No. 7 of 2006 concerning Land Registration.
Article (4) of Law No. 7 of 2006 specifies who can buy and own real estate in Dubai. According to the law, you can purchase real estate anywhere in Dubai if you are
A UAE or GCC citizen.
Under the same law, foreigners can also buy real estate only in areas designated for foreign ownership. There are different types of real estate ownership for foreigners in Dubai, including freehold and leasehold. The basic difference between Freehold and Leasehold property in Dubai is the buyer rights.
When you buy a house on a leasehold basis, you have ownership rights for a certain period. However, when you buy a property on a freehold basis, you have full ownership of it and the land on which it is built.
LEGAL STEPS WHEN BUYING A PROPERTY IN DUBAI
Buying a property in Dubai is relatively straightforward whether you are looking for the perfect home or a lucrative real estate investment.
There are four main steps to buying a property in Dubai. In the following section, we will chronologically go over the legal aspects you need to consider to answer the question of how to buy a property in Dubai.
1. FORMULATION OF A CONTRACT BETWEEN BUYER AND SELLER
When buying a property in Dubai and the United Arab Emirates, you have two options: Paying cash or applying for a mortgage. The ability to negotiate is perhaps your biggest advantage when buying a property in cash or with a mortgage. Cash buyers have a better idea of their budget and can, therefore, negotiate a lower price.
You can complete this phase without our help. The rest is done by our team and me; this is because we have acquired expert knowledge through years of experience and want to take as much work as possible off your hands when buying a property. Our approach has never failed so far, which makes us different from other real estate agents in Dubai
When agreeing on the terms of the sale, make sure that there is no ambiguity between you and the seller about the sale price, payment terms or any other important factors.
2. SIGNING THE PURCHASE CONTRACT
The second legal step in buying a property in Dubai is signing the purchase agreement, also known as the Memorandum of Understanding (MOU).
The MOU or Form F is one of Dubai's RERA real estate forms. The Form/Contract F is available on the official website of the Dubai Land Department. Usually, the real estate agent will prepare the contract for you.
3. APPLICATION FOR A NO OBJECTION CERTIFICATE
Next, you and the seller, together with the real estate agent, will need to visit the developer's office (e.g., Dubai Properties, Emaar or other developers in Dubai). The purpose of this meeting is to apply and pay for a No Objection Certificate (NOC) for the property transfer.
4. CARRY OUT THE TRANSFER OF OWNERSHIP WITH DLD.
Once you have received the NOC, the final legal step in buying a property in Dubai is to meet with the seller at the Dubai Land Department office to make the transfer effective.
If you have any further questions or for additional information, do not hesitate to contact my team and me.
Bei weiteren Fragen oder für zusätzliche Informationen, können Sie gerne mein Team und mich kontaktieren.
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