Buyer Guide

Establish a Financial Plan

Begin your property acquisition journey by establishing a clear budget.

If you are planning to pay in cash, ensure your funds are accessible within the UAE when it's time for the transaction.

Secure Mortgage Financing

If you require a mortgage, partnering with a reputable mortgage advisor is essential.

They can facilitate bank pre-approval, which will determine your spending capacity. Remember that a minimum 20% deposit is mandatory for mortgage approval.

Engage a Certified Broker

Once your budget is set, it's time to seek out a reliable RERA-qualified broker.

Ensure you check customer testimonials to validate their credibility. To formalize offer negotiations, you will need to sign a Form B contract with your chosen broker.

Submit an Offer

Obtain mortgage pre-approval and have your 10% unit deposit prepared.

This will expedite negotiations once you find the ideal property and are ready to make an offer.

Provide the Deposit

Upon mutual agreement on the price, both parties will enter into a legally binding Memorandum of Understanding (MoU), referred to as Form F by RERA. The MoU should include comprehensive contract details, such as rent payments or service charges, and the agreed-upon transfer timeline.

This process is carried out through the Dubai Brokers App. Additionally, you will need to furnish a current-dated cheque, payable to the seller for 10% of the total unit price. A post-dated commission cheque for the brokerage you are employing is also required at this stage.

Engage a Conveyancer

Professional conveyancing services are typically necessary to navigate the sales process smoothly. A competent conveyancer will guide you at every step.

Acquire the NOC

Before finalizing the purchase, the seller must obtain a No Objection Certificate (NOC) from the property's developer.

This certificate ensures that there are no outstanding service charges associated with the property.

Complete the Property Blocking Process

If there is an existing mortgage on the property you intend to purchase, you will need to go through a 'blocking' procedure. The seller is responsible for obtaining a liability letter from their bank. Afterward, you will visit the Dubai Land Department (DLD) to 'block' the property.

This involves four cheques: one in favor of the seller's bank to cover the outstanding mortgage, one payable to the seller for the remaining purchase price, one in favor of DLD to cover the 4% transfer fee, and a final manager's cheque made out to the agency. A manager's cheque is a secure payment order issued by the bank to the individual who purchased it.

Transfer Ownership

On the day of property transfer, you will convene at the broker's office, accompanied by your conveyancer and the seller. Property transactions can only be conducted in cash or via manager's cheques, so ensure you have these prepared.

You will also need a 4% transfer fee cheque for DLD. Once the transfer is finalized and registered with DLD, you will receive your new title deed and property keys/access cards.

Congratulations and Final Steps

Congratulations, you are now a property owner! One remaining task is to ensure that all utilities are registered under your name.

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