When you decide to buy a property in Dubai, There are two kinds of property sales which you’ll come across. You may decide which one to choose from depending up what each one has to offer.
Primary Market (Offplan Properties)
The transactions of properties that take place for newly constructed or are still under development directly from the developer. This primary market offers investors an array of options ranging from luxurious high-rise apartments to modern villas with state-of-the-art amenities. Many buyers choose to buy primary offplan properties due to the value for price such property offers along with attractive payment plan.
Secondary Market (Resale)
Refers to the resale market for previously owned properties where buyers and sellers engage in trading real estate assets that have already been purchased from developers or other owners. The buyers choose to buy a property in resale market majorly because of the reason that such properties are ready to move in or are ready to be leased out to enjoy rental yields from day one.
Steps involved in buying a property in Dubai in Resale Market
Know your budget
Setting a budget is the most important task that must be done when purchasing a property. All the fixed cost such as DLD Fees, Agency Fees, etc should be taken in consideration when calculating your budget. Doing so will help to ensure that the budget remains realistic and that all costs are accounted for.
Get Pre-Approved
If you’re a mortgage buyer, It is important for you to know that how much banks can lend and how much you can afford, Having a pre approval before you start looking for property will ensure a complete peace of mind and save you a lot of time and efforts.
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Find an agent and property
Once you know your financials, Its time to find a property that checks all your requirement. With the right RERA-qualified broker, you can be sure that you are getting the best advice and service when it comes to finding your dream home.
Get in touch with us today for any of your real estate needs and We’ll make sure to make your property search journey smooth.
Make an offer
As soon as you have found your perfect home, Its time to make an offer and negotiate.
Sign Contract F (MOU)
Upon agreement by both parties on price and other terms, Both parties must enter into a legal binding contract of sale and purchase of property. This contract is referred to as Contract F, which is a electronic contract signed by both the parties which states all the right and obligations of each party.
Property Valuation
This steps is involved only for mortgage buyers where a third party valuator certified by Dubai Land Department valuates the property in order to give an unbiased fair market value of the property. The valuation report is used by banks for granting the loan on fair market value of the property rather than the actual selling price.
Bank final approval
Where the buyer is buying a property with mortgage assistance, They need to receive the bank final approval before the bank can initiate the payments to the seller of the property. Receiving the bank final approval is a final confirmation from bank for the home mortgage.
Obtain NOC
Obtaining NOC from the developer is not only the requirement by Dubai Land Department to complete the transaction but also protects buyers as a confirmation that all the dues such as service charges, Fees or penalties are paid the seller and there is no outstanding due with the developer.
Property Blocking
Where the property bought is mortgaged by the seller, Property blocking is a crucial step involved which protects interest of both the parties. While the seller’s mortgage is paid off by buyer or buyer’s bank during this step, Both the parties interests are protected in terms of transfer of ownership and secure payments.
Transfer at Dubai Land Department
The final step involves transfer of ownership at Dubai Land Department Trustee office where the buyer makes the final payments including the payment to seller, Dubai land Department, Agency alongside receiving the ownership of the property. All the payments are made through Manager’s cheque which is a guaranteed mode of payment issued by the issuing bank.