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Latest Offplan Properties For Sale in Dubai

All You Need To Know Before Buying Property In Dubai

The process of buying a properties for sale in Dubai UAE takes around 2 to 10 weeks, depending on the mortgage is present with the seller or buyer. The fast and best way is ofcource paying the full cash without any mortgage involved. The transaction cost are in the rage of 3% to 7.5% of the total price. The 3% comes in action if the value of property is low with no broker, and 7.5% comes into account for property value is more than 500,000 AED along with a broker.

Are You Buying Property In Dubai?

The main things to look, if you are a buyer. As a buyer there are few steps to complete before buying a property in Dubai

1.Collect required documents for buying a property in Dubai, get your Emirates ID, photos,passport and visa .

2.If mortgage is required then get a pre qualification from bank for loan.Typically this will take around 1 to 2 weeks depending on the process that has to be done by bank.

3.Each bank has different requirements based on the profession , or whether the person is working in public , private or govt sector, where as the pre qualification is valid only for 45 to 60 days in UAE. The documents needed in this stage will be visa, passport copy, six month bank statement,six month credit card statement, salary certificate,stating all allowances and the application form along with the request fees.

4.Next is MOU memorandum of understanding. Signing the MOU by seller and buyer.The MOU is registered with DLD, Dubai Land Department at the registration trustee office.Seller,buyer and agent have to be present in front of registration trustee office.MOU represents both the parties agree to buy and sell the property, on behalf of agents the MOU is signed.

5.The registration trustee would need a security cheque , ie 10% of total value of the property , after the property is completely transferred. After the complete transferring of property the security deposit s return back.The registration trustee then send details to DLD which is obtained with 1 to 2 hours this has fee associated with it. If there is a mortgage , then final approval is required for getting a no objection from developer saying all dues have been cleared. The NOC typically takes 1 to 5 working days for processing. The developer will also charge fee for issuing NOC.

6. The bank normally takes 2-3 weeks to issue a final offer letter.

7.The seller’s bank generates the liability letter and the purchasers bank will clear the liability.

8.The final step is to book a transfer for each transactions, money is paid by cheque or bank transfer as the registration trustee.

Are You Selling Property In Dubai

Things to know , if you are selling a property in Dubai UAE

1.Gather all required documents, passport and visa, ID

2.A real estate broker must represent you for the smooth deal, also to check legal complications and ease of transferring the property.

3.If the seller has mortgage on property for sale in Dubai , contact the bank to understand the process of closing out the mortgage. The actual process will only commence once the sale in finalised