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With the spotlight of the world on the fastest growing destination
on earth, now is the time to consider buying property in Dubai.
The scale of development, the depth of imagination and the degree
of innovation that characterise the property market here means that
the ideal home is available to all. From luxury one-bedroom beachfront
apartments, through to smart urban townhouses and lavish water villas,
a residence exists to suit every pocket and lifestyle.
What happens now that I'm interested?
Purchasing property in Dubai is a slightly different scenario to
purchasing in other countries. Here you must have everything in
place in order to finalise your purchase. The following information
is to help guide you through the process and hopefully avoid any
disappointments.
When your agent makes contact with you, feel free to ask him or
her anything about the property and the purchasing process. However,
this information strives to answer the most common questions.
Cash
If you intend to purchase with cash, please ensure that this is
in the U.A.E. The transfer of money into the Middle East from other
countries often takes longer than expected. Please advise your agent
if you have money to transfer and how long you expect this to take.
We also recommend that you speak with a foreign currency broker
to get the best deal. You may transfer money into your own local
bank account, a solicitor's ESCROW (client) account.
Finance/Mortgages
If you intend to purchase with a mortgage, please obtain Pre-Approval
from a finance company this helps you move quicker if you see a
property that is you would like to reserve. Please advise your agent,
which finance company is providing your mortgage.
Deposit
Once you have found your ideal property, it is necessary to offer
the Owner a deposit to hold the property at the agreed price (this
is normally around 10 to 15% of the Sale Price). The agent should
prepare a Reservation Contract, which binds you, the Purchaser,
and the Owner together. This is necessary to safeguard your deposit
money and ensure that both parties are clear of each other's commitment
to the intended purchase. It will also describe when transfer of
ownership will take place; you must be ready with your finances
in place to meet this date.
Your agent will hand your deposit over to the owner of the property
ONLY when the owner has signed the Reservation Contract and we have
received the Owner's original Sale and Purchase agreement from the
Developer (this will be held by the agent until date of transfer.)
If the Owner does not wish to surrender his/her documents you will
be informed and the deposit will remain with the agent for safekeeping
until the date of Transfer.
Transfer
When you are given a transfer date, please ensure that you are available
on this day. If the property is to be purchased in more than one
name, all parties must be present on the Transfer date. If you are
not available to attend the transfer personally then you need to
arrange Power of Attorney to a nominated person/lawyer.
Please be aware that transfer rates are between 1 and 2%. This rate
is stipulated by the developer therefore we have no control over
this charge.
Your agent will advise you of the location of the transfer and you
will need the following with you:
- All passports of new owners.
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- All cheques as per Completion Schedule attached to Reservation Contract or payment schedule. Please ensure that these are in the form of Manager's Cheques.
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