Buying property in Dubai is indeed the best decision you can make in the near future. It holds the doorway to a business boom which starts with the coming Expo 2020. Even if you are not an Emirate citizen or does not have land in Dubai, that is not a barrier to own property in Dubai. The passport is the only mandatory requirement and this helps to avoid any other lengthy paperwork documents. The government has allowed even expatriates to buy and sell properties in their freehold land.
Now the next important question is ‘How’. There are certain things to take care before buying a property. The first in the list is to find a reliable real estate agent. This is the person who can take you to best possible deals. They are your best friends for buying properties in Dubai and brings you different suitable apartments and spaces available in the desired locality. They can provide you tips on great investment deals including the pros and cons.
Select your apartment or space of interest and make a deal with the landowner once you come to terms with the transaction amount. The business is simple and is usually completed within one month. A memorandum of understanding is made and the parties involved will sign the agreement. It is usually ten percent of the total amount paid during this initial agreement in the form of security cheque and kept/held with the agency.
Next step is to apply an NOC to make sure nobody has any objection to the sale of the particular property. This is done at the office of developer and both parties are required to be present to apply this. NOC is given for a fee once they make sure you have dealt with all pending service charges. The ownership transferring process is done at the Dubai Land Department and the payment is given as manager’s cheque to the seller with the proposed date of transfer. A title deed will be provided with the name of the buyer on it.
If a mortgage is involved, the bank too will get involved in the transfer stages. Alongside to that, if the property is mortgaged by the seller, then the one purchasing has to settle those even before issuing NOC. These are the major steps to get a property registered in your name. The process is simple and without much trouble. Investing in properties in Dubai is a clever move to grab huge profits as the land is always developing and would never lose you a penny.