Our buyer’s guide will help you familiarize yourself with the property buying process so that your purchase goes ahead as smoothly as possible.
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Find a trusted property consultant or a real-estate agency
Find a trusted RERA qualified consultant and have a meeting with them to help them find your ideal property. Let them know your budget, requirements, and preferences. Sign a Form B contract to allow your broker to represent you in all negotiations if needed.
Obtain A Mortgage If Required
Speak to a mortgage advisor, and they will arrange Pre-Approval for you from the bank. In case of mortgage, you will need a minimum down payment of 20-25%. The mortgage rates are subject to terms and conditions depending on case-to-case basis.
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View the property
It Is important that the buyer views the property physically, feel satisfied and pleased with the amenities and all facilities with the property. Your real estate consultant will guide in all the viewings as per the buyer’s preference.
Make An Offer
Once you’ve found your dream property that seems to match your requirements and budget, the next step would be to get into detailed discussion and negotiation with the seller.
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Sign The MOU (Form F)
Once both parties have agreed on the price, they will enter into a legally binding agreement called an MOU (Memorandum of Understanding) or Form F, via the Dubai Brokers App. You will be asked to produce a current dated cheque in the name of the seller as a 10% deposit.
Hire A Conveyancer
After finalizing the deal, you may engage the services of a reliable conveyancing company to make the sales and transfer process smoother.
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Transfer The Property
On the day of the transfer, you will need to pay 4% of the value of the property for the DLD transfer fees and trustee fees apart from the managers cheque for the selling price for the seller. Once the transfer is complete, the sale is registered with the DLD, and you will receive your new Title Deed.
