Dubai is a charming city which has positioned itself as a business hub and tourist Mecca. It is not just a place with mega-malls and 5-star hotels, there is much more to the city, from the design ecosystem to thriving art, there’s something new happening all the time.
The place offers lovely homes and exquisite villas with facilities that are impeccable. You have varied choices to choose from. Even there are many ready to move –in properties in Dubai. Follow the below-mentioned guidelines which help in simplifying the entire process of choosing a villa.
Who are eligible to buy the property?
People from any nationality could buy the freehold property. It is not mandatory that the buyer should possess UAE citizenship or have a residency status within the UAE. People who buy property in Dubai are given 2- year residence permit if the minimum investment is more than 1 million AED. And this permit could be renewed later on. However, the owner of the property should not go outside UAE for a period of more than six months or else the permit turns invalid.
Documents required to buy a property are:
- Passport of the buyer
- Legal ID
- Contact details
- Valid visa
-
Address proof
Legal factors to consider
It is advisable that you approach a reputable and professional real estate agent like fazwaz.ae to help you with the entire process of buying a villa in Dubai. These agents are familiar with all the areas and locality, the reputation of the builder, legal matters to be followed, etc and they can guide you correctly. Buyer can either buy an off-plan property or a secondary property. Re-sale properties are called the secondary property whereas the properties that are under construction is known as off-sale properties.
The process of buying an under construction property
- The seller and the buyer agree on the price of the property and terms of sale
- They sign the reservation agreement and the buyer needs to pay a reservation fee along with the first installment of the property
- SPA (Sales and Purchase agreement) is signed between the two.
- Oqood document will be issued once the SPA gets signed. This document serves as temporary registration until the purchases received the title deed. Also, you need to pay Oqood fee at this point in
- Buyer will continue to pay the installments till the entire balance is paid fully.
- Once the villa is completed, Oqood document will turn to title deed.
The process of buying secondary properties
- Seller and buyer agree on property price and the terms of sale
- Both seller and buyer sign the MOU (Memorandum of Understanding) and this MOU should be registered with DLD. A deposit of 10% has to be paid during this time.
- Both parties will apply for NOC from the builder. You need to pay a fee for issuance of NOC
- Transfer of property should be registered with DLD and a fee of 4% should be paid. The buyer will make full payment in form of a cheque or through a mortgage bank loan.
- New title deed will be issued in the buyer’s
