GUIDE FOR BUYERS

PROCESS OF BUYING AND SELLING

BUYER OF FINANCE TO SELLER OF FINANCE
  • The buyer must receive pre-approval.
  • The buyer and seller signed a sale agreement.
  • Property valuation requested
  • The bank provided a valuation assessment.
  • The seller will file for a liability letter.
  • Letter of liability received
  • The buyer’s bank issues the final offer letter.
  • The buyer has signed the final offer letter.
  • The buyer’s bank and the buyer will settle the mortgage.
  • The seller’s bank hands out clearance documentation to the buyer’s bank.
  • NOC obtained from the developer
  • NOC was issued.
  • Transfer has been scheduled with the buyer’s bank.
  • Payment statements will be created and distributed.
  • Transfer at the Transfer Center
CASH SELLER TO FINANCE BUYER
  • The buyer must receive pre-approval.
  • The buyer and seller signed a sales agreement.
  • Property valuation requested
  • The bank provided a valuation assessment.
  • The buyer’s bank issues the final offer letter.
  • The buyer has signed the final offer letter.
  • NOC obtained from the developer
  • NOC was issued.
  • Transfer has been scheduled with the buyer’s bank.
  • Payment statements will be created and distributed.
  • Transfer at the Transfer Center
FINANCE SELLER TO CASH BUYER
  • The buyer and seller signed a sales agreement.
  • The seller will apply for a responsibility letter, and a statement of accounts will be produced and provided.
  • Letter of Liability received
  • Block property at Transfer Office – All Managers Cheques, including Land Department Fees, must be present.
  • Buyer must settle Seller’s mortgage after the property has been successfully blocked.
  • The seller’s bank provides the agency with clearance documentation.
  • NOC requested from the developer
  • NOC was issued.
  • Transfer time has been reserved.
  • Transfer at the Transfer Center
CASH SELLER TO CASH BUYER
  • The buyer and seller signed a sales agreement.
  • NOC obtained from the developer
  • NOC was issued.
  • Transfer has been scheduled.
  • Payment statements will be created and distributed.
  • Transfer at the Transfer Center
DOCUMENTS REQUIRED & OTHER PROCESSES
GETTING NOC
  • Buyers and vendors are expected to attend.
  • Both the buyer and the vendor have genuine passports with visas.
  • Original final offer letter from the buyer (finance buyer only)
  • Seller – original title deed/oqood/ownership document (if a financing seller, the agency or buyer’s bank would deliver this).
  • Seller – documentation from the seller’s finance business
APPOINTMENT AT THE TRANSFER CENTER

Buyers:

  • Passport and visa (If applicable)
  • Final Memorandum of Understanding
  • Managers’ cheques / cash / personal checks

Seller:

  • Passport and visa
  • Documents of clearance
  • The original NOC
  • Deed of Original Title
VISA FOR INVESTORS

You can apply for an investor visa if you invest in the UAE’s real estate sector. You must satisfy the following conditions to be eligible for a UAE Investor Visa:

 

  • Own a property in Dubai worth at least AED 1,000,000. This must be the original purchase price of the property, not the current market value.
  • All responsibilities, including mortgages, service costs, developer fees, and utilities, must be removed from your property.

 

Please contact a member of the Your Place team for further information and assistance with the Investor Visa.

 

  • You must first receive a Police Good Conduct Certificate, which may be obtained from Dubai Police.
  • Settle all liabilities owed on the property and have documentation to prove it. Receipts for service fee payments, current DEWA and utility bills, and confirmation that there is no mortgage on the property, either with a clearing letter from the bank or your original title deed if you had a mortgage.
  • Once you have all of the above, you must go to the Dubai Land Department with your title document, original passport, passport copy, and a passport-sized photograph.
  • To acquire the visa, you must undergo the required medical examinations and provide the medical report to the Immigration Counter.
GETTING A MORTGAGE
  • Typically, you must live in Dubai for 6 months before applying for an expat mortgage.
  • You must be an established employee or business owner.
  • Mortgages are available for a maximum term of 25 years, up to the age of 65.
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