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All around the world, the procedure of purchasing a home or any real estate property is a challenging task, especially for a first timer. There are legal aspects involved, and this applies to even buy property in Dubai– the land of dreams for many.
The legal nuances of purchasing a Dubai property are stipulated by the Land Registration Law as per the Real Estate Law Number. 7 of 2006. As per this law, one can buy property in Dubai in case one is a citizen of UAE or any of the GCC countries. This law also allows foreigners to buy such property but only those in areas that are earmarked for foreign ownership.
Buying property in Dubai consists of a straightforward process, whether one is seeking a home or a money-spinning real estate property. There are 4 legal steps:
After finding the ideal property, the primary step involves negotiation of the sale terms with the selling party. With regard to buying property in Dubai or the rest of the UAE, there are 2 ways: arrange a mortgage in UAE or buy with cash. Cash buyers enjoy a superior idea as regards their finances and can negotiate for a reduced price. This stage can be completed on one’s own.
The second step to buying property in this Emirate is to sign an MOU (Memorandum of Understanding) or sale agreement. The MOU, also referred to as Form F serves as the real estate form of RERA in Dubai. It can be accessed on the Dubai Land Department (DLD) website. Typically, one can use a real estate agency to arrange the form like for buying land in Dubai. When the contract is all set, it must be signed by the seller and buyer in front of a witness in the office of the Registration Trustee.
In this stage, the buyer, the seller, and their real estate agency are required to meet up at the office of the developer. The aim of this meet is to make an application and payment for a NOC for transferring ownership. NOC will be issued only if all details of the deal have been met.
After gaining the NOC, the final legal step is to meet the sellers at the DLD for effecting the transfer of ownership. All documents needed for the process must be ready, including a cheque for the seller, original ID proof of seller and buyer, the NOC, and the MOU.
After all such formalities have been finished; one becomes successful in buying property in Dubai.