Purchasing or selling an asset in UAE is a thrilling achievement. Honestly, however, the legal process may be a little overwhelming to a person who has not been through it. Being an experienced investment or a new customer, it is important to know the path to be followed to ensure a smooth and successful process.
The positive thing is that the process is not chaotic. You can avoid it with the right knowledge, so that you can feel confident. The simple sequential breakdown of the process by real estate lawyer Dubai of transfer of property is as follows.
Step 1: Seal the Deal with an Agreement
This is not just a hand shake but it is written in a Memorandum of Understanding (MOU). This important document defines the important information such as price of purchase and payment structure and is usually supported by a deposit made by the buyer. It preconditions all that which is to come.
Step 2: The Key Paper – The No Objection Certificate (NOC)
An NOC from the developer or community association is required if the property belongs to a building or community. This document is essential. It assures that the seller has no overdue service or maintenance fees and that the developer has no claim to the assignment of ownership. Most of the time, your real estate agent or legal advisor will help you get it.
Step 3: Settle the Fees
With the documents in place, now comes the time to deal with the money matter. There is a transfer fee of 4% of the property sale price that you need to pay Dubai Land Department (DLD). In addition, there may be agency commissions and other related expenses. Understanding the costs in advance will spare you from any surprise situations.
Step 4: The Main Event – The Final Transfer at the DLD
- Present all signed documents.
- Pay all fees.
- Sign the final sale contract.
After all these things are completed, the DLD will create a new title deed in the name of the buyer, and the change of ownership will then be complete.
Making the Process Seamless
While the process may not be difficult, there is room for error like documents not filed right away or complex ownership of an asset via title. To mitigate the risks involved, hire a genuine and registered real estate salesperson; one would also benefit from talking with a UAE property law attorney to take away such worries, so you can focus on the thrill of your new investment.