The United Arab Emirates are famous not only for their oil and tourism. This eastern country is great for long-term investment. Real estate in the Emirates is being sold at a high rate. Many foreign citizens have the opportunity to buy housing at a very favorable price. But not all foreigners who want to buy property in Dubai know all the intricacies of the transaction when buying an apartment or house in this Arab country. The best way to get qualified help is to address a real estate agency in the UAE. You can find favorable offers for properties in the UAE on the Emirates.Estate website.
Real estate agency consultation
Since the purchase of properties abroad is a responsible matter for every foreign buyer, many turn to realtors in order not to waste their time searching for housing in Dubai. Experienced specialists can offer several housing options in a particular emirate, city area. And the buyer will be able to choose the most suitable option for himself.
Agency employees must check the condition of housing, documentation for it, reserve it. Reservation is required, thus, housing is removed from sale. The buyer pays a deposit of 10% of the property value. This security deposit is included in the cost of a housing payment. The agency is obliged to conclude an internal contract with the buyer. Any person who buys a home is afraid of being deceived. There are no taxes on the sale of property in the United Arab Emirates, but the state at the legislative level exercises control over all transactions checks the registration of developers, agencies, and agents.
Conclusion of a sales contract
The buyer and the owner of the property must conclude a contract of sale. Intermediaries in this transaction are real estate agencies.
- The contract must be drawn up in English, but many buyers additionally translate it into Arabic.
- The contract stipulates:
- the cost of housing,
- its condition,
- payment procedure,
- and the responsibility of the parties.
- Also, all payments made by the buyer during the transaction period are registered: commissions to real estate agents, payment to the developer, payment for registering the contract with the Land Department.
- The developer permits to sell property – a document called NOC.
Registration of ownership
The real estate agency submits all documents to the Land Department. On a certain day, the buyer and the seller, in the presence of agents, re-register the housing to the new owner, pay the cost of the housing in full, and receive a certificate of registration.
The whole process of buying a home can take about a month. Property in the UAE enables a foreigner and his relatives to obtain a residence permit in the Emirates.
Property in the UAE
If you want to own a property in one of the emirates, then the vital thing to do is to choose the right real estate agency. Competent specialists of the Emirates.Estate agency will help you at all stages of the transaction and make the purchase of real estate a pleasant and fast process.
Review The purchase of a real estate in Dubai – main stages and steps.