Buying Guide

When purchasing property, remember to account for additional costs such as a 2% agency fee and a 4% transfer fee. If you plan to mortgage the property, you'll need at least a 25% down payment. Additionally, you’ll incur interest on your loan, typically around 3-4% depending on the loan term and lender. Work out your budget carefully—your agent can assist with these calculations.

Getting pre-approved not only confirms your budget but also strengthens your position as a buyer. The bank will review your application and issue a pre-approval letter or email, which is usually valid for 60 days.

Choose an experienced real estate agent who understands your budget, preferences, and requirements. The more details you provide upfront, the more efficiently your agent can help you find the right property. It's crucial to communicate your needs clearly to your agent at this stage.

Your agent will suggest communities and properties that align with your budget and criteria. Schedule viewings for several options to find the property that best suits your needs.

To maximize the likelihood of your offer being accepted, submit it in writing with a 10% deposit cheque, along with copies of the passport and Emirates ID of all individuals named on the title deed.

Your agent will prepare a Memorandum of Understanding (MOU), also known as Form F. Review and sign the MOU, and provide the 10% deposit cheque as agreed.

If you're buying with a mortgage, the bank will need to be involved for a property valuation and to issue a final offer letter. If the seller has a mortgage, it must be fully settled before applying for the No Objection Certificate (NOC). Request a mortgage settlement statement from the seller’s bank promptly, as this can take up to 2 weeks. Overall, this process can span 6-10 weeks.

All parties must meet at the developer's office to apply for an NOC. The developer will issue the NOC after verifying that service charges are paid and any modifications are compliant with guidelines. A fee (AED 1000-5000) is typically required, and a refundable deposit may be needed from the buyer. The process can take up to 6 working days.

Once the NOC is issued, you will proceed to the Dubai Land Department to transfer ownership. Payment should be made via a manager’s cheque to the seller, along with manager’s cheques for the 4% transfer fee and an admin fee not exceeding AED 4,000. After completing the formalities, a new title deed will be issued in the buyer’s name. Any overpaid service charges will be settled pro rata with the seller.