So many books in the bookstore shelves are with the headlines of how to establish a successful business in the UAE. Unfortunately, not so many of them offer help in understanding the real estate market in the region. Therefore, buyer’s guide provides important help for potential property investor.
United Arab Emirates are returning to the positions attractive to investors willing to purchase or rent a villa for a reasonable price in Dubai not only because of its mild climate, safety and comfort, but also because of the fact that market prices are slowly and surely coming back to level. Absolutely simple tax-free procedure of buying the property makes sense when you are acquiring a quality of life. Not ready to buy? Check villa for rent in Dubai Jumeirah and you will fall in love with the beauty of this district.
Unfortunately, investments in real estate in Dubai do not provide the right to obtain neither the residence permit nor three-year investor’s visa. But to date UAE authority has promised to revise the law on the right for investor’s visa in the nearest future and make decision in favor of investors.
Nevertheless, if you are looking for cheap villas for rent in Dubai or you have already decided to purchase a villa, we are sincerely advising you to contact our agency, which had been accredited by RERA (Real Estate Regulatory Agency).
Before acquiring the property in Dubai you should make a deep research on prices in order to be aware of current market situation and from our side we will choose the options most appropriate for you and your budget. Let’s say we have found a gorgeous villa for sale in Dubai Jumeirah that corresponds to all of your criteria, first step for us is to prepare an agreement of purchase and sale in English known as Form F (MOU) approved by Dubai Land Department that has to be signed by both buyer and seller. UAE law does not require a notarized contract, so contract can be enteredeither by email or fax. Afterwards, the original copies of signed agreements should be applied to the rest of the documents during the transaction. Those looking for villas to rent Dubai may sleep calm – supply is efficient and the whole procedure does not bring a headache once you are dealing with the experienced real estate agency.
While signing the agreement of purchase and sale a buyer should pay a deposit of 10% of the value of acquired property. Our agency takes the buyer’s deposit and holds it until the final settlement is made and registration of the transaction in the Land Department has taken place. In case if the bargain does not take place due to the fault of the seller, we guarantee to pay you the full amount of deposit back. The seller in his turn receives a deposit as compensation only if the transaction fails because of the buyer.
Cheap villas for rent in dubai the next step
After singing the agreement is No Objection Certificate (NOC) from the company-developerthat the seller has to obtain, and it certifies that seller has no arrears to the developer, accordingly, the property is free from any obligations. NOC will be issued within a period from 7 to 21 days, and its cost varies from 140 USD to 1,370 USD.
Transfer of title to the property is registered at the moment of transaction and only in the presence of both buyer and seller. The Land Department issues a Title Deed for the property acquired to the seller that is the main document confirming the ownership of the property. In case if the property has not been yet commissioned, the registration of property in the Land Department takes place in the temporary Register. So instead of ownership certificate the buyer gets primary agreement for purchase and sale from the developer, which will become a basis for obtaining title deed after commissioning. This time consuming process has lots of unpredicted pitfalls, therefore always better to have an experienced person next to, when dealing with local authorities. REDS REAL ESTATE is ready to guide you through the process of renting or buying the property.
Whoever is looking for a villa for sale in Dubai Jumeirah
Should be ready to pay a state fee. Cost of registering the title transfer is 4% of the selling price of the property plus small charge (around 150 USD) for the Title Deed (certificate of ownership) issue. The buyer pays the state fee on the day of title transfer.
Final settlement between buyer and seller occur in the stage of completion of transaction. The payment is performed by pre-arranged bank cheques transmitted by the buyer to the seller, so called Manager’s cheques. This cheque must be ordered in the bank in advance. In case if the buyer does not have a bank account in one of the UAE banks, our real estate agency guarantees to provide a cheque issued from our bank account. Before making this procedure the whole amount of money should be transferred from the buyer of this property.
Prior to the issuing the title deed the state registrar asks buyer and seller to make mutual paymentsand sign a letter about absence of any claims regarding the property payment from both parties. If you think it is much easier to find a villa for rent in Dubai Jumeirah rather than complete all of the procedures mentioned above, you are completely mistaken. Generally speaking, it is absolutely not sophisticated and everlasting procedure of property acquisition in Dubai because we are doing everything for you and saving your time.
Warning! Everyone who is looking for villas has to know that every owner must annually pay the utility bills (fees for the maintenance of the building and surrounding areas). The amount of utility bills is calculated on the bases of maintenance costs per square meters of residential or commercial property. In some other cases there is a separate fee for air conditioning.
We hope that our article will be useful for you and will serve as good tool for property acquisition in UAE.