What is a Property Registration Trustee

Dubai, the dazzling jewel of the United Arab Emirates, is renowned for its luxurious real estate. The city offers many property options that cater to every dream, from awe-inspiring skyscrapers to serene waterfront villas.

But have you ever stopped to think about the unsung heroes who ensure your property transactions are safe and secure? These behind-the-scenes champions work tirelessly to ensure that your journey toward owning your dream property is smooth and hassle-free.

So, whether you’re a seasoned property investor or a first-time buyer, it’s time to discover the crucial role that Property Registration Trustees play in Dubai’s bustling real estate market. Trust us, you won’t regret it!

What Are Property Registration Trustees?

Property Registration Trustees (PRTs) are authorized agencies by the DLD that facilitate property transactions and ensure compliance with legal requirements. They act as intermediaries between buyers and sellers, provide valuable advice, and witness sale agreements. PRTs collect fees, verify documents, and oversee property ownership transfer.

They are crucial in resolving any disputes during the transaction process. Overall, PRTs are unsung heroes in the Dubai real estate market, providing essential services that contribute to the smooth functioning of the industry.

The Essential Role of Property Registration Trustees

When it comes to the property transaction process, you might be curious about the role of Property Registration Trustees and why they are so crucial. In fact, they play an indispensable role in ensuring a successful and secure property transaction.

Transaction Finalization

One of the key responsibilities of Property Registration Trustees is to act as the final checkpoint in the property purchase process. Once you have identified and chosen your ideal property in Dubai and signed the sale agreement (also known as the Memorandum of Understanding or Form F), the Property Registration Trustees step in to witness this pivotal agreement. 

In addition to witnessing the agreement, as a buyer, you will also entrust the Property Registration Trustees with a standard 10% security deposit for the property. This deposit is refundable upon the successful completion of the property transfer, making sure that your investment is secure.

Sale and Mortgage Registration

When it comes to property sale or mortgage registration, Property Registration Trustees can provide you with the necessary expertise. These professionals play a vital role in these critical transactions, ensuring that everything runs smoothly. If you’re planning to sell your property

For Sale Registration:

• Property Registration Trustee staff will receive the required paperwork from you, so make sure it’s all complete.
• After that, the system carefully enters and verifies your transaction details.
• After paying the necessary fees, you get a payment receipt.
• You will receive the output via email.

For Mortgage Registration:

• A letter from the bank that owns the mortgage is necessary if you are working with a mortgage.
• Three mortgage contracts signed by both parties and approved by the mortgagee bank must be presented.
• It is necessary to have a copy of your Emirates ID card or, if you are a visitor, a valid passport.
• An Electronic No Objection Certificate (eNOC) from the developer is required for freehold sites.
• A Power of Attorney is required if you designate someone to act on your behalf.

This entire process typically takes 25-30 minutes, and you’ll be on your way to securing your new property.

Registration Trustee Fees

In Dubai, the Dubai Land Department (DLD) is responsible for a major portion of financial responsibilities related to property transactions. However, there are additional fees associated with the services of Property Registration Trustees. These fees depend on the nature of your transaction and the selling price of the property.

For Sale:

• The charge is AED 4,000 + an extra AED 200 (5% VAT included) for homes with a sale price of AED 500,000 or more.
• The cost is lowered to AED 2,000 in the event that the sale price is less than AED 500,000, plus an additional AED 100 for VAT (5%).

For Mortgage:

• There is a normal AED 4,000 service fee for mortgage services.
• The service charge rises to AED 5,000 in the event of an initial sale registration, particularly in off-plan property markets.

Once all payments and additional fees are settled, the buyer is bestowed with a new title deed, a certificate of ownership, registered and issued by the DLD.

Required Documents for Property Transactions with a Registration Trustee

When registering either a property sale or a mortgage, the necessary documents required may differ. For a sale registration, typically you would need an Electronic No Objection Certificate (eNOC) from the developer (for freehold areas), Emirates ID cards or valid passports for both the buyers and sellers, and a Power of Attorney if someone is representing you.

For mortgage registration, you will need a letter from the mortgagee bank, three certified mortgage contracts, Emirates ID cards or passport copies, an eNOC, and a Power of Attorney if applicable.

What are the Registration Trustee fees?

Property registration trustee fees have a specific fee structure that applies to property sales and mortgage registrations. The fees for property sales are based on the final selling price of the property. If the selling price is AED 500,000 or more, the fee is AED 4,000 plus an additional AED 200 for Value Added Tax (VAT).

If the selling price is less than AED 500,000, the fee is AED 2,000 plus AED 100 for VAT. For mortgage registrations, the standard service fee is AED 4,000. Additionally, for initial sale registrations in off-plan property markets, the service fee is AED 5,000.

The Power of Knowledge

Choosing the right realtor is equally important, and  Kelt&CO Realty is here to guide you every step of the way. As your trusted real estate partner in Dubai we understand the nitty-gritty of the Dubai property market. So, sit back and relax while we help you find your perfect property registration trustee.

So, what are you waiting for? Trust  Kelt&CO Realty, your dedicated realtor, and let us make your property dreams a reality in Dubai.

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