Step 1: Arrange your finances
If you are looking at financing your property through a bank, check if you are eligible for a mortgage first. We can advise you on great mortgage brokers. Be sure you will be able to commit to the purchase prior to signing any agreements and issuing a deposit.
Step 2: Why are you buying?
Decide whether you want to buy for investment and rent the property for rental income, or whether you want to live in it yourself. This will help determine the location and the type of property that is right for your needs.
Step 3: Know the fees involved
The advertised price is usually the price achievable net to the seller. This does not include the 2% transfer fee payable to Dubai Land Department and the 2% agency commission fee which are both paid by the buyer. Other fees may be incurred, but are usually minimal.
Step 4: Decide on location
Dubai has many great projects, and you need to choose an area that will be right for you. Our team can guide you through various options and help you decide on the best location that suites your requirements.
Step 5: Research
Review prices in your preferred area. Some advertisements are out-dated, so be sure that the property advertised is still available for sale. The less professional agents tend to advertise properties at lower prices, which may not exist.
Step 6: What is important to you?
Decide on the features that are most important to you (view, size, open kitchen, large bedrooms, etc). Inform the broker prior to viewing, so you do not waste time going to properties that do not match your criteria. Be sure to note down the properties you have seen with other brokers, so you do not end up going to the same property twice with different agents.
Step 7: Make an offer
Once you have selected the right property for you, make an offer through the real estate broker. The broker will do his/her best to get the offer agreed with the seller.
Step 8: Offer agreed
If the offer is accepted, you will provide your passport copy to the agent along with a 10% booking deposit, which is always held with the real estate company. Never release the booking deposit directly to the seller. At this point the Sales Agreement will be drafted.
Step 9: Read and understand the Sales Agreement
Make sure you understand the terms of the contract you are entering into. This is a legally binding document.
Step 10: Application for No Objection Certificate (NOC)
Once the buyer and seller are ready, your broker will help you apply for the NOC at the developer’s office. The NOC ensures that the property is fully paid for, that it is not under any mortgage, and that all the maintenance fees have been cleared.
Step 11: Complete the purchase at the Dubai Land Department
The final stage is completing the transfer of ownership to the buyer’s name at the Dubai Land Department and obtaining the Title Deed. This is when the seller receives his/her money, and the buyer gets the property legally transferred to his/her name.