United Arab Emirates UAE
Receive Only The Best Posts Via Email
Purchasing a property in Dubai can seem like a daunting task if you're not familiar with the local real estate market. However, with the right guidance you can navigate the process smoothly.
Though the basic steps include determining your budget and choosing the right property to call your home, the article will look at it from the legal aspects of property sale in Dubai.
Step 1: Verify before making a decision
Before making the decision, verify both the property and the seller. It involves confirming that the seller is the lawful owner, by examining the property's title deed. It is also advisable to check for any current mortgages, liens, or disputes associated with the property.
Step 2: Hire a competent lawyer
Having a competent legal professional is crucial in any property transaction. A lawyer can review the contract, advise you on the complexities of the purchase, and make sure that all legal requirements are met.
Step 3: Memorandum of Understanding (MOU)
To avoid any legal issues, it is essential to meticulously review the Memorandum of Understanding (MOU), which serves as a preliminary contract outlining the terms and conditions of the property sale. Seeking guidance from a real estate lawyer before signing the document is strongly advised.
Step 4: Sales and Purchase Agreement (SPA)
The Sales and Purchase Agreement (SPA) is a legally binding contract that outlines the terms and conditions of the property sale. It includes the purchase price, payment terms, and transfer of ownership. The SPA should be reviewed by a real estate lawyer to make sure it represents the interests and legal rights of the buyer.
Step 5: Pay the fees
Purchasing a property in Dubai involves various fees and taxes such as registration, agency, and transfer fees. It is advisable to seek the assistance of a lawyer to ensure timely and accurate payment of the fees.
Step 6: Registration
Once the sales transaction is complete, it is necessary to register the property with the Dubai Land Department. The lawyer can handle this process and make sure all required paperwork is filed properly.
Buying a property in Dubai involves several legal complexities, but with legal guidance, you can acquire the best property in Dubai. With proper guidance, you can find the perfect property to call home.
For any legal queries or information, contact ask@tlr.ae or call us on +971526443004
New Trust Law The New Trust Law enacted by the UAE is moving in the direction of a paradigm shift in wealth management, where the law leaves room for expanding wealth management services. The Ministry of Finance of the United Arab Emirates (MoF) has issued Federal Decree No. 19 of 2020 on trust assets. This development also marks the incorporation of the common law concept of trust into UAE...
Investing in real estate is a significant financial commitment that an individual will likely undertake during their lifetime. Whether it is a residential or commercial property or even a parcel of land, the transaction entails a multitude of legal complexities that can prove daunting for the average purchaser to handle. A real estate lawyer is a legal professional specializing in the laws and regulations...
Inheritance rights for freehold property are clearly outlined in Sharjah's amended real estate legislation, which will spark a new wave of purchases from non-Arab ex-pats. Property purchases in designated freehold regions had already attracted a diverse range of nationalities throughout the year. However, the demographic composition is still largely favoring citizens of the GCC and the UAE....
The Federal Prosecutors of UAE initiated a major investigation into Dubai-based real estate developer Union Properties. The complaints were lodged by the Securities and Commodities Authority on allegations of financial violations committed by Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of Union Properties. The allegations include the firm selling property at less value and hiding...
The Ruler of Dubai has allotted 4000 land plots and has also increased the limit of interest-free housing loans to AED1 million, for eligible recipients. Housing and social infrastructure projects are one of the government's top priorities, according to H.H. Sheikh Mohammed. As part of the first phase of an Emirati housing scheme, 4,000 land plots and residences were allocated to Dubai residents at...
Investments in property have shot through the roof in the UAE over the past decade and there are more investors in line to grab their share of land. The Sale and Purchase Agreement (SPA) offers several benefits to real estate investors on fronts of sale and purchase. In Short, the buyer and seller enter into a Sale and Purchase Agreement after they both agree to buy or sell a particular movable or...