Legal Process
Once you have decided on your dream investment you will need to go through the legal paperwork for your purchase. There are risks in buying off-plan properties (properties yet to be built) as opposed to existing properties and our appointed real estate brokers will advise of the potential risks and what protections you have to mitigate against them.
Off-plan projects often are more attractive as they offer more modern design properties with more luxurious features coupled with attractive payment plans, allowing a lower upfront investment. However, the risks associated with potential delays and uncertainties during construction should be considered. On the other hand, the ready-to-move properties come with lower risk, but at a comparatively higher price.
Dubai Land Department is responsible for the registration of all sales and purchases of land; and approving, organising and documenting real estate trading operations in Dubai.
Before agreeing to sign anything you must be clear about the payment plan and ensure that you can meet the payments as timetabled in the sale and purchase agreement.
The steps to completing the legal process are as follows:
1. You will be asked to provide a copy of your passport, home address, email address, and telephone number.
2. You will have to complete a reservation form
3. An initial payment must be made which should be to an escrow account in the name of the project to ensure a safe and secure process.
4. The Developer will issue you with a Sales and Purchase Agreement. You do not need to use a lawyer to complete the agreement but it is advisable to use one if you are not 100% sure of what the sales and purchase agreement stipulates or have further enquiries. We have an appointed law firm within the UK that can assist you with reviewing the agreement for a small fee. Once the legal agreement is completed the developer will register your purchase with the Dubai Land Department. You will also have to pay the Dubai Land Department registration fee of 4% of the purchase price plus to the as well as any administrative fee.
5. Once payment has been fully completed on the purchase price you will be issued with a title deed. The developer will issue a no-obligation certificate (NOC). You will then have full title to the property.