Can You Buy a Property in Dubai Without a Lawyer
Dubai’s real estate sector is leading the game. Given its potential and the investment-friendly policies of authorities, it is expanding rapidly, and this trend seems to be continued for an extended period. From the impressive skyline to the world’s tallest buildings to the state-of-the-art facilities and amenities- Dubai has it all!
If you are planning to buy property in Dubai, then you need to understand that it is a complex procedure. It involves a number of complex steps, and people should comprehend the procedure before getting themselves into it.
Can You Buy A Property In Dubai Without A Lawyer?
Before directly going to the answer, we need to understand the property buying process in Dubai. A proper understanding of this specific procedure will help you analyze your standing, and you will have your answer.
Let’s Get Into The Process
Property Research And Market Analysis
The first step is to conduct thorough research about the real estate market. Learn about current and previous trends, prices, upcoming developments, property options in a specific area, and what attracts you the most.Â
Market understanding will help you find the profit ratio and locate the most profitable areas. Based on this obtained information, you can manage your budget and make a decision accordingly.
Property Viewing and inspection
In the process of buying a property, it is essential to view and inspect real estate. View and review a property carefully you are interested in to find any untold issues such as leakage, mold, and repairs. You should also ask anything that comes to your mind related to this specific property.Â
A proper inspection will assist you in locating any structural issue, damage, or crack. If the interior and exterior of an inspected property satisfies you, then you need to proceed to the next step, which is negotiating the rates.
Price Negotiation
Before sitting to negotiate the price, conduct some research about recent sales prices in that specific area to ensure you are getting a fair deal. Following that, learn about your rights and local laws to calculate a suitable price. Then you should negotiate the price and terms and conditions.
Verify Legal Status
Now, you should verify the legal status of that property, its ownership, outstanding debts and any associated detail or issue. A thorough evaluation is needed in this step to make it smooth and beneficial.
After confirming the legal status of the property, you can proceed to the deal. Do not forget to verify details from the public notary office to avoid any fraud.
Agreement Of Sale
Once you are ready and satisfied with the ownership rights and status of the property, you should go for a sale agreement. It is also called a Memorandum of Understanding (MOU). Review that document thoroughly, read terms and conditions or get it reviewed by an expert if needed to avoid any mishap.
Initial Deposits And Payment Transfer
Upon completion of a sales agreement, buyers and sellers must sign it at the Dubai Land Department. At this time, a buyer has to pay a 4% security deposit to the seller, which is returned once the buyer transfers the payment.
Now, complete the necessary paperwork required for property transfer. It includes an application for property registration and payment related to required fees to the Dubai Land Department. Both parties should be there at transfer time to complete the process seamlessly.
Final Payment
As soon as the process of property transfer completes, arrange final payment and hand it over to the seller as per the stipulated terms and conditions. After sending the payment, get a receipt of the payment from the seller.
So, this is the process for buying a property in Dubai. Though hiring a lawyer or a real estate agent is not a requirement. But we suggest you get the services of an expert. He will assist you in the whole process. From evaluation of the property to document verification to negotiation to final payment, he will walk you through every step very smoothly.
Conclusion:
Expats can buy freehold property in Dubai. If you are a foreigner and intend to purchase a property in the metropolis, then you should hire an expert real estate agent to get your desired ends and limit the risks of fraud and mishaps.Â
Kelt and Co Realty is always there to facilitate potential buyers. Its real estate agent can help you find the most suitable real estate based on your budget and interest.
FAQs:
Can I Purchase Property In Dubai?
Yes. You can buy commercial or residential property in Dubai in some designated areas of the metropolis. Expats can have full and exclusive ownership of properties if they buy freehold properties in Dubai.
Can you buy a property in Dubai without residency?
Yes. You can purchase a property in Dubai without residency. The local government has allowed foreigners to buy freehold properties in some specific areas of Dubai.
Is it wise to buy property in Dubai?
Yes. It is a good decision to buy property in Dubai because the real estate sector of the city is expanding rapidly. Even foreigners are now allowed to purchase real estate in Dubai, increasing the demand and expanding the scope of the sector. Given that, it is a wise decision to invest in Dubai’s real estate.
What is the property transfer fee in Dubai?
The Dubai Land Department also charges a fee, regardless of whether you buy or sell a property. It is deemed a one-time tax paid to the government. The Dubai Land Department (DLD) charges 4% of the total value, which is equally divided between buyers and sellers.
