This article is about the steps to buying a house in Dubai. It will tell you the time you are required to buying a house in Dubai and ultimately owning it. The role of legislating bodies on charge and what obstacles you can face. The price range and how much finance expenses you need to pay for buying a house in Dubai are also discussed in the article.
We know how beneficial it is to own land in the city like Dubai. Therefore, we always suggest everyone buy a house in Dubai. It may seem like a challenging procedure, it sure is! Buying a house as an ex-pat is full of issues that can cripple the beginners and ones who don’t know much quickly. But don’t worry as now this process has become smooth and fast, due to the efforts of the Dubai Land Department and many other institutions in charge. So, you can easily buy your favorite in Dubai.
Time Period Required for Buying a House in Dubai
Usually, two to ten weeks are required to buy a property in Dubai. But some of the essential factors on which the process of buying a house in Dubai depends on whether they are mortgages involved or not. It also depends on the attitude of the seller and purchaser. A full cash transaction is the fastest route to buy a house. The transaction costs for buying a property in Dubai varies. It is 3% of the actual price for the low-value property with no brokers and 7.5% for brokers and a full suite of advisors. Brokers, if they have property value over Dh 500,000, have to pay this transaction cost. These costs exclude mortgage-related charges and interest rates.
Role of Agent in Buying a house in Dubai
A combination of an agent and a conveyance is the best for those who are weary of the process. They guide the purchaser and cover most of the bases. This is the easiest way to buy a property in Dubai, but unfortunately, it takes more time than any other method.
Also Read: Find the Best Real Estate Agent in Dubai
What are the benefits of having a house in the Dubai Market?
Buying property on the secondary market is a quicker way; however, the process is quite complicated. As this process includes more finance expenses, some of the significant steps to buying a house are given below.
- Before collecting the title deed from the land department, an investor who wants to have a property where the seller has a legal agreement requires a position to eliminate the seller’s mortgage.
- The real estate regulatory registered broker is required to the buyers.
- The buyer, after checking the land, gives the seller a suitable offer. The seller’s agent will produce the agreement to the buyer and contract when the buyer accepts the offer. This contract contains all the details of payment and authority of the buyer and the seller.
- After agreeing with the terms of the contract, to assure the property buyer needs to pay a 10% deposit in the name of the seller.
- The next step is for the buyer’s bank to carry out a valuation procedure.
- The seller will then file a petition for the No Objection Certificate once the buyer receives the final approval.Also Read: Things to Do Before Buying Properties in Dubai
- In order to complete the transfer, an appointment is required to book with the land department of Dubai.
- The buyer requires to pay 2% and AED315 to the DLD when all procedures are done. This payment needs to pay with the commission to the agent and the purchasing amount to the retailer.
- In the end, keys and access cards of the new house will be given to the buyer with the ownership of the property.