Guide to buying a property in Dubai

Define your criteria

Once you've made the decision to buy a home in Dubai, you must choose whether to use it for your own use or as an investment. When buying a property, buyers should keep in mind that there is an agency fee and a 4% transfer cost to take into account. You must put down at least 25% of the property's worth if you intend to get a mortgage to pay for the purchase.

Do your research 

Make sure you are clear on the kind of property you want and the exact requirements. It's important to comprehend current property costs and the aspects that affect them, such as location, view, amenities, and the type of community the property is located in, whether you're looking for an apartment, a townhouse, or a standalone villa.

Find a Real Estate agent and company that you trust.

Working with the right agent is essential when looking for a new home. You need someone who can help you through the procedure effectively and who is aware of your precise needs. It goes without saying that they should be fully certified, and they should be absolutely committed to helping you achieve your goals.

Organise your finances

For buyers who opt to purchase a house with cash. This is typically preferred because it streamlines the process overall and makes purchase easier. Another option that may be accessible based on eligibility is a mortgage. Being pre-approved not only validates your financial situation but also improves your bargaining power. Before delivering a letter or email outlining the authorized loan amount, which is typically good for 60 days, a bank will first evaluate your application.

Finding your dream property

Schedule times to look at several possibilities until you find what you're looking for. If you have any inquiries concerning the property, speak with your agent. They will be happy to respond to your inquiries, explain what to expect, and help you begin the process of completing your purchase.

Timeline for the purchase

From the time the Agreement for Sale is signed, it usually takes a property transaction in Dubai 2 to 6 weeks to be completed. However, a number of variables, including the type of buyer, the developer, and the type of property, could affect these timelines.

For instance, a cash to cash transaction will be finished sooner than a mortgage to mortgage transaction. Make a schedule that allows for some flexibility in light of this.

Placing an offer

We advise putting your offer in writing, together with a copy of a 10% deposit check and copies of all parties who will be listed on the title deed, for the highest possibility of it being approved.

Finalising the deal

The Sale Agreement is the first step in creating a binding legal contract (MOU). It specifies the terms and particulars of the agreement, including each party's obligations and responsibilities, and is a binding contract between the buyer and seller. Your broker will go over this with you to ensure that you understand the terms and conditions before moving on to the transfer stage of the transaction. The broker's DLD REST App will be used by the agent to generate a Form F.

Conveyancing

From the developer's No Objections Certificate (NOC) to the transfer, the Homes Partner internal sales progression team will be there for you every step of the way to help you through the selling process and make it as easy as possible. With all of their knowledge and experience, they are highly proactive and are familiar with the procedure. They coordinate between you as the buyer, the seller, the developer, and the banks involved. Your sales coordinator will make sure that all of your paperwork is in order before starting the procedure to avoid delays.