Dubai attracts many foreigners who want to invest in real estate. And the real estate market in this city is well developed.A huge number of developers and agents are ready to offer potential investors many tempting options. But before making a choice in favor of a particular company, you need to make sure that it has passed certification in the Land Department. In order not to risk, you can buy real estate on the mayak.ae, which offers only reliable proven options.
How the deal goes
Acquisition of housing in Dubai takes place in stages:
- After finding an attractive object, a preliminary agreement is signed. The contract must be drawn up in two languages: Arabic and English. In addition to the contract, there is also an appendix that describes the terms of the transaction. When buying a home in a new building, you need to pay attention to the date of completion of work and the amount of compensation from the developer in case of violation of the deadlines.
- The next step is the sale and purchase agreement. Under the terms of this agreement, the buyer undertakes to transfer an advance payment to the seller, as a rule, it is 10% of the cost of housing. The transfer of money is confirmed by a certificate that is kept by the realtor. If the buyer changes his mind about purchasing this object, the money will remain with the seller, but if the seller decides to refuse the transaction, he will have to return the double amount to the investor.
- In the next step, the seller and the buyer come to a meeting to apply for a certificate of no objection. This procedure is carried out at the developer’s office, since it is he who must confirm the absence of any debts from the property owner. The data is processed for no more than five days. After receiving the certificate, the seller has the right to transfer ownership.
- After receiving a certificate of no objection, the buyer and seller go to the city land department. There, a check is issued for payment of the transaction, and only then the buyer pays the amount specified in the contract. From that moment on, the buyer becomes the full owner of the acquired property.
On average, the entire procedure for purchasing a home in Dubai takes about a month.
Buying property in Dubai can take place remotely. In this case, the interests of the buyer are represented by a trustee. This role can be played by an employee of a real estate agency.