How to Buy or Sell a Property in Dubai?
Buying or selling property in Dubai involves multiple steps and detailed legal procedures, requiring both buyers and sellers to prepare relevant documents and comply with local regulations.
The process begins with the buyer and seller signing a Letter of Intent (LOI) to indicate the buyer's intention to purchase the property.
Next, the seller must obtain a No Objection Certificate (NOC) from the developer, confirming that the property has no outstanding debts or legal issues.
Based on this, both parties sign a formal Sales and Purchase Agreement (SPA), detailing the property specifics, payment terms, and handover date.
Documents Needed:
Buyer:
Passport copies, Dubai residence ID (if applicable), bank statements, proof of income, and the purchase agreement.
Seller:
NOC, original title deed, and the sales agreement (SPA).
Following this, the bank or the buyer arranges for a property valuation to determine its market value. If the buyer requires a loan, they must apply for a mortgage, providing necessary financial documents and credit reports. Once the mortgage is approved, the buyer typically pays a deposit, usually 10% of the property price, and conducts a title search to ensure there are no legal disputes over the property.
Upon completion of these steps, the buyer and seller proceed to the Dubai Land Department (DLD) to complete the transfer of ownership. They must submit all required documents and pay the transfer fee, usually 4% of the property value. Both parties sign the transfer documents in the presence of a DLD official, after which the new title deed is issued to the buyer. The bank or the buyer then pays the remaining property price to the seller, finalizing the transaction. The buyer receives the keys and can move into the property.
What can we do?
Real estate brokers play an indispensable role throughout the property transaction process. Their extensive market knowledge and experience are invaluable in assisting buyers in selecting the most suitable property and preparing all necessary documentation. Brokers provide professional legal and financial advice, ensuring that contract terms are fair and reasonable. They represent buyers in price negotiations with sellers, coordinate property valuations, and facilitate mortgage applications. Brokers also oversee the transfer process to ensure a seamless transaction.
Furthermore, brokers manage the registration and administration of off-plan property sales contracts through the Oqood platform. This ensures that all transactions are conducted transparently and legally, thereby mitigating risks for both buyers and sellers.
Our company excels in delivering these services with a high degree of expertise and professionalism. We have a diverse team of agents from various countries, allowing clients to choose a broker who understands their specific needs and cultural nuances. This international team enables us to cater to a wide range of clients, providing personalized and effective support.
In summary, buying or selling property in Dubai necessitates adherence to stringent legal procedures and the preparation of appropriate documentation. Engaging an experienced real estate broker can help buyers and sellers streamline the process, ensuring that the transaction is safe and reliable. Our company distinguishes itself in efficiently providing these services, supported by a multilingual team ready to assist clients from around the world.