Purchase Process Resale
Whether you are looking for a home in Dubai or wish to expand your real estate portfolio, we ensure a structured purchasing process, clear communication, and guidance at every key decision point. Here is what that looks like:
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Step 1: Wishes and Objectives
Every purchase begins with a clear picture of what you are looking for. Are you looking for a home of your own, an apartment to rent out, or a property with potential for future capital appreciation? We discuss your budget, preferences, and priorities, and translate them into a targeted search strategy.
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Step 2: Property Selection
Based on your preferences, we select suitable properties and outline the relevant differences, considering factors such as location, accessibility, amenities, build quality, service charges, and the state of maintenance. For investors, we also assess the property's lettability, potential rental income, and future resale prospects. For homebuyers, the focus is on aspects such as living comfort, the surrounding area, and how well the property fits their daily lives.
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Step 3: Viewing and Assessment
During viewings, we assess together whether a property truly meets your expectations. We discuss its strengths, potential points requiring attention, and the price in relation to comparable homes and recent transactions. This allows you to carefully compare different options and make a choice based on more than just a first impression.
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Step 4: Negotiation and Form B & F
Once you have found the right property, we will handle the negotiations with the seller on your behalf. To do this, we prepare 'Form B', which you can sign digitally. Based on available market data, we determine a suitable bidding strategy and discuss the terms of the purchase. Once an agreement is reached, the terms are recorded in the purchase agreement, specifically, a Memorandum of Understanding known as 'Form F', which you can also sign digitally.
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Step 5: Checks and Preparation for the Transfer
We manage the necessary checks and documentation for the transfer. This includes reviewing ownership details, any mortgages, outstanding service charges, and the terms of the transfer. We also coordinate the application for the No Objection Certificate (NOC) where required, as well as further liaison with the seller, developer, bank, and the Dubai Land Department (DLD).
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Step 6: Transfer of Ownership
Once the conditions have been met, the transfer is scheduled. The remaining purchase price and applicable costs are settled in accordance with the agreed terms. Following registration, you will receive the Title Deed, the official proof of ownership for your property.
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Step 7: After the Purchase
Your next steps may also require guidance after the transfer, such as furnishing and moving into your new home, arranging a rental, or preparing for a future sale.
To whom do I transfer money?
This depends partly on the stage of the purchasing process and the agreements made with the seller.
Typically, the deposit payable upon signing the purchase agreement amounts to 10% of the purchase price. This is usually handled via a cheque made out to the seller, held in escrow by the relevant real estate agent in accordance with the agreed terms. The cheque is not simply cashed; the terms of the purchase agreement dictate how it is processed. For foreign investors who do not have a chequebook, an escrow account is used.
The remaining purchase price is to be paid upon the transfer of ownership in accordance with the agreed procedure.
In addition, you pay, among other things, the applicable 4% transfer fee to the Dubai Land Department, NOC and registration fees to the property developer, and any real estate agent's commission.
What documents do I need for the Buying Process?
To buy resale real estate in Dubai the following documents are required:
- A copy of your Passport and Emirates ID (if you are a resident of Dubai)
- Your residential and contact details
- The proof of payment for the 10% down payment to the seller
When purchasing with a mortgage additional documents are usually required, such as proof of income, bank statements, and mortgage approval from the bank.
When purchasing through a company The trade license, incorporation documents, details of the ultimate beneficial owners (UBOs), and documents relating to the authorized representative, among other things, may be required.
Any questions?
As Dubai experts with extensive experience in the local real estate market, we are in an excellent position to help you purchase property in Dubai. Please do not hesitate to contact us if you have any questions.
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