Residential Buyer's Guide


In today's Digital & Fast-pace world; information is key for any Buyer to make precise decision. Our experienced realtors & latest technology (our realtors can give accurate transactional price during viewing from their phone) empowers our buyers to make a real time decision; while viewing a property whether it’s weekends or evenings. That’s why we are the first port of call for hundreds buyers in Dubai.

Our professional realtors not only assist you in choosing the right property; but also navigating through the buying process.

Buying a property is one of the major financial decision in anyone’s life. There are few important things we would recommend you should know; so you can ask the right questions & be one step ahead in process.

Below is list of frequently asked questions; which has assisted countless buyers.

We wish you all the best for your New Home search.

Eligibility (who can buy property in Dubai)

Any nationality (except few), whether based overseas or a resident of Dubai, can purchase in any freehold areas of Dubai’s Real Estate market.
For list of exception; kindly contact our realtors.

Documentation

Prepare your documents before heading out on search for your dream home. Documents will change depending on whether you are funding the property through personal funds (i.e. cash) or you ae taking Bank finance.

CASH BUYER

If you are self-financing the property; i.e. paying the total property price in CASH; then the process of both Off-plan & handed over property for Employed or Self-Employed or Company will be same.

You would require below documents

For an individual:

For a company based in Dubai (Sole Establishment / L.L.C. / UAE based Free Zone):

For an overseas company (BVI or Off-shore):

Please contact our realtors directly.

In both cases of Individual & Company apart from above; below documents are also required:

FINANCE BUYER

If you taking the Bank finance; i.e. a bank is mortgaging the property; then depending on the type of property (Off-plan OR handed over property) the process will slightly change for Employed to Self-Employed & Company. The process of “How to get mortgage (Home Loan) in the UAE” is described below separately.

NOTE: to purchase Under construction property Bank Approval is not require at the time of purchase.

For Employed:

If you are employed; it’s better to have below documents ready before applying for pre-approval for mortgage for handed over property.

Our Mortgage advisor can provide you pre-approval from our nominated bank in 1 meeting in less than 30 minute.

For Self-employed:

If you are self-employed; it’s better to have below documents ready before applying for an initial approval for mortgage for both (Off-plan OR handed over property).

Seven Steps to Dream Home

Buying a home is one of the most personal experience; so enjoy the process take your time & always follow your gut feeling. If you follow our 7 Steps you can glide through this process smiling & without any frustration.

Step 1: Bank Pre-Approval

Getting your pre-approval from your choice of bank help Buyers to take accurate & concise decision. It also helps in saving time & efforts. “How to get mortgage (Home Loan) in the UAE” is described below separately. As per study; 90% of Buyers who don’t take pre-approvals in beginning; exceeds their budget & purchases a property which is either expensive or more than their need. Pre-approval helps buyers to understand the maximum amount they can spend while purchasing their dream home.

Always stick to your Budget. There is nothing wrong in walking away from a property you like; just because it doesn’t fit the figure you have decided in your mind. Don’t forget you are buying a property to enjoy living in it; not to chase monthly mortgage payment.

Step 2: Location & Priorities

It very essential that before starting the viewings; you decide an ideal location. Most of the buyers keep below point in mind while selecting their ideal location

Step 3: Search & Locking.

Once you are set with your Location; now is time to choose your dream home. Always remember; no matter how great is the 1st house you see; always see a minimum 5 to 6 before taking a decision. Once you have found a suitable property to purchase, you need to sign sales agreement with seller also called FORM “F” (NOTE – “MOU” are not legal anymore as per DLD) which your realtor will assist you with. This is when a time frame for the property exchange / transfer is agreed and a deposit (usually 10%) is held with the realtor’s office, only to be cashed if the buyer pulls out of the deal & with a court order. The buyer must then send the signed FORM “F” and relevant documents to the bank to get a final approval letter.

Step 4: Evaluation

After this the Bank generally sends their evaluators to evaluate the property current value. Buyer then pay for valuation fee. After receiving the valuation fee, they will issue the buyer with the final letter of approval to go ahead with purchase. The process normally taking five to ten working days. Evaluation determine how much the bank will lend to buyer for the property he is buying.

Step 5: Blocking & NOC

Blocking: Once Evaluation report is received; the property needs to be blocked in DLD system. Buyer pays for the blocking fee. Property Blocking is done at DLD Trustee office. Fee can be paid in cash / manager cheque or credit card. Once this step is completed property is blocked under buyer’s name in DLD system.

NOC: The next step is to application of No Objection Certificate “NOC” for the developer of the property. There are charges for NOC and they are generally paid by buyer (unless agreed differently); as the price negotiated in Form “F” is “Net to Seller”. Depending on the property there are 2 kinds of NOC. As a standard NOC is valid for 14 days only. The process normally taking one to seven working days; depending on the developer & number of NOC. Once this step is completed property is pre-registered under buyer’s name in DLD system for the duration of NOC.

Step 6: Cheques

Conveyancer / Mortgage broker / Banker who is assisting you in mortgage process will coordinate with bank & will ensure “loan disbursement”. Once loan is disbursed; bank will prepare managers cheque for the loan amount in the name of seller. Once the cheques are prepared a copy of same is sent to realtor for confirmation. After confirmation; Property Transfer is booked through bank in a designated transfer center. The process normally taking five to seven working days.

Step 7: Transfer

Once the NOC is received; cheques are ready; Buyer / Seller / Realtor & Bank Public Relation Officer will go to a designated Transfer center to register the property in Buyers name. Here (at the time of transfer) all the cheque pertaining to the property purchase price (both from buyer & bank), commission, “DLD” fee are paid; mortgage registration are handed over to “DLD” officer. After new “Title Deed” is issued in Buyers name & all payments are done; the buyer gains access to house keys.

NOTE – as per Dubai law; all cheques pertaining to property transaction must be “Manager Cheques”. A Manager cheque is a bank guaranteed cheque; also known as Bank Draft.

Conveyancing:

Enhance your property purchase experience. Our RERA registered Conveyancers; provide an exceptional service at a fraction of cost; which will make whole process of purchasing a property “a piece of cake”. We will take care from pe-approval until new property ownership document in your name.

How to get a mortgage (Home Loan) in the UAE

This process requires couple of steps.

Step 1: To start with select a bank offering the best interest rates (Our mortgage expert can assist you in this at “Zero Cost”) OR a bank you are currently banking with; to get a pre-approval for your mortgage. Here bank will assess your background, income, current financial commitments. Keeping in mind 50% “Income to debt ratio” a Bank will offer Buyer a certain amount of money in form of a mortgage.

Some banks may charge a pre-approval fee for this process; which is generally adjusted in your final approval amount.

Most of the bank pre-approvals has validity (generally 30 to 90 days); ensure you select a property before the expiration; as extension will cost additional renewal fee.
Once you receive your pre-approval; you can start search for your dream house.

How much mortgage can one get on property ?

NOTE: Certain banks also finances DLD Fee & Realtor’s Commission. Please ask our Mortgage advisor for more details. We provide complimentary Mortgage advisor services to all our buyers.

Extra Expenses (Transfer Fees, Transaction Fee, Agency Commission ,Utilities, VAT, etc.)

Property Laws

Disclaimer: This information is given for reference only. All stated above rules, regulation and procedure are governed by Dubai Land Department “DLD”, and can be changed or/and updated by DLD at any time without any prior notice.

For latest update on law please visit following link-

http://www.dubailand.gov.ae/Style%20Library/download/EN-Legislation.pdf

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