Are you planning to buy a property in Dubai? If yes, then you should have just simplified your hectic task, because buying a property in Dubai is simple compared to many other countries in the world. Some essential tips for buying a property in the city of gold are mentioned below:
Carefully Read And Understand The Contract
The purchase of property in Dubai is accompanied by legal documents that may be SPA (Sale and Purchase Agreement) or MOU (Memorandum Understanding) between the buyer and the seller. In addition to this, these documents outline all the terms and conditions defining the responsibility of a Buyer and Seller in completing the transfer of the property ownership from the seller to the buyer. Ensure that you stick by the responsibilities defined in the agreement and don’t sign the documents unless you understand and agree all the terms and conditions mentioned in the written document.
Carefully Understand The Purchasing Process In Dubai
In Dubai, you can buy property either ‘off-plan’ from the developer or ‘resale’ from a private seller. If you go for the first, then you will have to submit your passport along with the reservation form that outlines the terms and conditions of the deal. Besides, a reservation fee of 5 to15% is paid to draw up the Sale and Purchase Agreement), that further commits both parties to the deal. On the other hand, if you buy an apartment for sale in Dubai from a private seller, then an MOU needs to be signed and post which the buyer puts down 10% deposit of the property price to confirm his or her purchase or deal.
Look For The Advice Of The Professionals
People who are buying a property in Dubai for the first time, then it is recommended that they must look for legal advice to help them with the purchasing process. Also, this process is not compulsory, though, but it is advised to do so because this can undermine any potential future risks. Several companies registered under Dubai Land Department have their in-house property lawyers to make sure transparency and safety for the seller and buyer of the property.
When purchasing a property in Dubai, these tips mentioned above are sure to act as your checklist and following them will make sure that you are taking a good decision.
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