Whether it’s your first property or your tenth, buying property can be a daunting task. Here at LAYAN Real Estate Brokers, we aim to make that process a smooth, hassle-free and memorable experience for you. Take a moment to read through our Buyer’s Guide and Buying Process to get a clearer understanding of what is expected before you begin.
Buyer’s Guide
Anyone can buy and own a property at Free Hold areas in Dubai, whether you’re a local, GCC national or an expat who lives in Dubai or another country.
GCC property areas can be sold only to GCC nationals. But still, it can be rented to everyone for both living and investment purposes.
Please note that the following description is subject to change from authorities without previous notice.
Individual Buyer
- A Passport copy of buyer (non-colored),
- Signed Buyers Agreement “MOU or SPA”.
- In case of representation, POA issued by Dubai Notary Public or another country Notary Public duly attested by the UAE embassy and Ministry of Foreign affairs of that country. “(Please note that POA is valid for 2 years only)”.
If the buyer is a Company.
A. Individual Local Company:
- Trade License + Copy.
- Owner Passport + Copy.
- Power of Attorney issued by Dubai Notary Public + Copy (mentioning the formula of buying).
- Attorney Passport copy.
- Signed Buyers Agreement “MOU or SPA”. (otherwise known as Form F)
B. Limited Liability Company (L.L.C):
- Trade license
- Parties and Ratios page ( copy + original ) IF IT IS A JOINING COMPANY
- Memorandum of association certificate ( original +copy + “Translated in ARABIC”)
- Power of Attorney issued by Dubai Notary Public + Copy (mentioning the formula of buying).
- Attorney Passport copy.
- Signed Buyers Agreement “MOU or SPA”. (otherwise known as Form F)
C. Off-Shore Company:
- Certificate of Incorporation (Trade License).
- Certificate of Good Standing.
- Certificate of Incumbency. (Valid for 2 months for the buyer company).
- Memorandum and Articles of Association Original + Copy (Translated to Arabic).
- Power of Attorney issued by Dubai Notary Public + Copy (mentioning the formula of buying). And/or Board Resolution to allow the company as well as the individual to sell A specific property.
- If the off-shore company is owned by another company in another country, then same documents are required for that company.
- Attorney Passport copy.
- Signed Buyers Agreement “MOU or SPA”. (otherwise known as Form F)
OQOODI:
Taking into consideration the above mentioned type of buyer:
- No Objection Certificate from Developer (NOC).
- Initial Contract Signed Buyers Agreement “SPA”.
- Passport copy of the buyer (non-colored) has to be signed with mobile number.
Mortgage Registration:
Taking into consideration the above mentioned type of buyer:
- Original Title Deed.
- Owner Passport copy.
- Mortgage letter.
- Mortgage contract.
Land department Fees : 0.25% of the mortgage value + AED 290.00 knowledge fees.
Registration Fees : AED 4,000.00
The Dubai Government was issuing residence visas with one (1) year validity to new property owners whose purchase amounts is equal to or above AED 1, 000,000.00 This is however subject to current immigration rules and regulations which might change from time to time.
Currently, a 4% registration fee based on the purchase price is imposed to be paid by both the seller and buyer 2% each. Nevertheless, the payment of this fee can be agreed differently with the seller upon signing the MOU/ SPA and as per the market norm the total 4% is usually borne by the buyer.
You may also be required to pay transfer or mortgage fees to the Dubai Land Department. After the handover of the property purchased, you will need to cover the following fees:
- Service fees from the date of executing the transfer. (Paid in favor of the Community Management Company assigned by the Owners’ Association).
- DEWA connection fees.
- District Cooling connection fees (for freehold areas).
- Property Management and Property Maintenance charges (if property is managed by a third party of your choice).
Buying Process
Whether you already have your eye on the villa/apartment of your dreams, or are looking around for a property that best suits your investment purposes, LAYAN Real Estate will help you every step of the way to making your dream a reality.
- The first and most important step is figuring out your finances. Do you want to purchase the property with cash or with the help of a mortgage? If it is the former, you may have a leg up in negotiations. If it is the latter, you need to calculate how much you can afford for the down payment and monthly installments throughout the repayment period. There are various local banks offering attractive mortgage rates. Visit a few banks and choose one that works best for your means.
- The next step is of course, engaging LAYAN Real Estate as your agent and signing our Buyer-Agent Agreement. With LAYAN Real Estate, you can be assured of world-class services from our team of professional, knowledgeable and experienced agents. Your best interests are paramount to us.
- If you are looking around for a property, it’s all about location, location, location. Find an area that suits all your needs especially when it comes to public transportation and schools. Even if you’re purchasing for investment, these factors score high for potential tenants, which will help you yield higher rental rates.
- Your LAYAN Real Estate agent will arrange viewings with properties that match what you have in mind without wasting time. The viewings are tailor-made to your convenience and you’ll be shown several properties to have options to choose from. It’s important to take pictures and notes to make comparisons.
- Time is of the essence when it comes to buying property in Dubai. It’s common to see properties listed be sold within the day. To avoid disappointment, we will advise you to make a decision as soon as possible and make an offer.
- Once the offer is accepted, we will get started on the paperwork immediately. This includes preparing a sale and purchase agreement, Form F, the Sales Progression and your mortgage application. Don’t forget to prepare the documents required on your part to ensure a smooth process.
- A No Objection Certificate (NOC) will then be signed between the developer, buyer and seller at the developer’s office.
- The last and final step is the transfer of ownership title from the seller to the buyer which is done at the Dubai Land Department trustee’s office. A transfer fee is imposed.
- Congratulations! You are now a proud Dubai property owner. Thank you for engaging with LAYAN Real Estate to help make your dream come true. We are always at your service should you require any further assistance.