Buyer's Guide
Buyer's Guide to Purchasing Property In The UAE
The United Arab Emirates (UAE) has firmly established itself as a global center for trade and business. In recent years, it’s also become an increasingly prominent player in the real estate market. This boom offers excellent investment opportunities for both seasoned investors and individual buyers, thanks in part to a range of investor-friendly policies and regulations introduced by the UAE government regarding real estate transactions.
Now is an opportune moment to explore real estate investments in the UAE, particularly in dynamic markets like Dubai. However, navigating the complexities of international real estate, and avoiding potential scams, can be challenging. UMA Properties is your reliable and reputable partner, dedicated to guiding you through the process of acquiring property in the UAE, ensuring a safe transaction that aligns with your long-term investment goals.
What to keep in mind when buying
property in the UAE
Ensuring a safe transaction that aligns with your long-term investment goals.
Begin by determining your budget, as this will define the price bracket for your property search. A prudent first step is to seek mortgage pre-approval, which provides a clear financial framework for your search. If you plan to purchase with cash, ensure that the funds are readily accessible and available for transfer when needed.
The subsequent step involves selecting a skilled and knowledgeable real estate broker, ensuring they hold certification from the Real Estate Regulatory Agency (RERA). A competent broker will facilitate the search process, guiding you through various options until you identify the ideal property in the UAE. Once you've established trust in your broker, you'll need to execute a Form B contract. This agreement authorizes the broker to act on your behalf during property purchase negotiations.
Engage the expertise of a trustworthy conveyancer to manage and oversee the entire sales process, providing guidance every step of the way.
Prior to finalizing the transaction, it's crucial to obtain a No Objection Certificate (NOC) from the property developer. This certificate is essential as it verifies that there are no pending or outstanding service charges associated with the property.
When you've discovered the property that meets all your criteria, it's time to make an offer. Rely on your RERA-certified broker to skillfully negotiate with the seller and finalize the deal. To strengthen your negotiating position, ensure you have a mortgage pre-approval in hand and a 10% deposit ready, demonstrating your commitment and readiness to secure the property.
Once an agreement is reached, you'll enter into a legally binding contract, commonly referred to as a Memorandum of Understanding (MOU). At this stage, you are required to issue a check for the 10% deposit, made payable to the seller, and also provide a manager cheque for the commission, addressed to the broker.
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