The buying of properties worldwide is an immense financial responsibility, which also applies to Dubai. Dubai offers people from all parts of the world a luxury lifestyle and a diverse living climate. In the last decade, Dubai saw a boom in the global industry, positioning it squarely on the world global market. This is partly because of the law passed in 2002 by the UAE Government authorising foreigners to buy freehold properties and leases in specified Dubai areas.
This law helped to improve property prices in the Emirates. It is important to pursue a structured procurement process to ensure your financial investment is safeguarded. In the Emirates there are a few potential ways to buy land, the best way is to purchase a new property, which is not yet constructed on paper. Most projects have a sample villa or apartment to demonstrate the expected level and quality of finishes, just like the District One Villas for sale in Dubai. This method usually begins with an online registration process and once this has been accomplished, you arrive at your unit by paying the first deposit of 10% on a fixed date and with all the necessary documents. It takes roughly two to three years for your finished unit key to be received. The other form of purchasing is the purchase on the secondary market of pre-built land. It’s much easier, but international considerations, such as the seller’s financial position, may complicate this method.
Here are some tips you should follow before purchasing a property in Dubai
SELECTION OF THE APPROPRIATE PROPERTY
Dubai has so much to offer in terms of properties; new technologies with new and enhanced infrastructures are continuously emerging so make sure to do your homework before the buying procedure begins. Draw a checklist of the ten most important requirements your dream property should have, including precise measurements, public transport, an appropriate climate and facilities near your home. This helps to streamline your search and also guarantees that the properties all concerns are listed.
REAL ESTATE AGENCY
To serve your interests, choose a reputable real estate firm. Real estate consultants are mindful of all legalities and are aware of the ins and outs of the buying process. The buying process can be streamlined, effective and safe for the buyer by reputable real estate consultants. Make sure your agent is registered with the Real Estate Regulatory Agency (RERA) and there is still a range of unlicensed brokers in the market despite Dubai Land Department and the efforts made by RERA.
If you buy an off-plan house, check the credentials of the developer before setting any reservation amount. Look at other features created by the developer, the consistency of the finishes, the trust of the handover plan, whether the developer is registered for RERA and has an Escrow account. Ensure that payments to this registered account are transferred.
If you purchase a property from a seller with a mortgage on the property, the buyer must be able to unload the mortgage of the seller before obtaining the title document from the department of land. Before they start searching for a house, buyers must be pre-approved; a successful property consultant would need pre-approval to ensure that you have the financial resources to complete the agreement. Pre-approval will save time if you’re searching the right property and also makes sure you don’t waste your time or time seeking your agent when you don’t have financial approvals.
MEMORANDUM OF UNDERSTANDING (MOU)
If the purchaser has approved the bid, an MOU will be drawn up outlining both the purchaser and the seller all related costs. The purchaser’s bank will evaluate the condition of the property for mortgaged assets to ensure that it is reasonably safe for the bank to lend against it. The results will typically be confirmed to the bank by a third-party survey agency. Once finalised by the bank, the seller applies for a NOC to the developer (No Objection Certificate). The NOC guarantees that the owner does not inherit any debt on the property and is prepared to pass the property to the Dubai Land Department.
Buying a property in Dubai is made so easier by the government of the UAE to attract people to invest in this city. If you are one of those looking to buy a property in Dubai then we will suggest you look for Port De La Mer apartments for sale.