Buyers should keep in mind the 2% agency fee and 4% transfer fee when purchasing a property. For mortgage, you'll need at least 25% of the property's value as a down payment. Interest rates on loans vary, generally ranging between 3-4% depending on the loan term and the bank.
Getting pre-approved not only confirms your budget but also strengthens your buying position. A bank will first review your application, then issue a letter or email stating the approved loan amount, typically valid for 60 days.
Partner with an experienced agent who can help you fully understand your budget, wants, and requirements. By providing detailed information early on, you’ll streamline the process of finding the right property. It’s crucial to give your agent a clear understanding of what you’re seeking at this stage.
As your property consultant, your agent will recommend communities and properties that align with your budget and requirements. They will arrange viewings for multiple options until you find the perfect match.
To maximize your chances of acceptance, we recommend submitting your offer in writing, accompanied by a 10% deposit cheque, and including copies of the passport and Emirates ID for all parties to be listed on the title deed.
Your agent will prepare a Memorandum of Understanding (MOU), also known as Form F. After reviewing the MOU, both parties will sign the contracts and the 10% deposit cheque will be handed over.
If the buyer is using a mortgage to purchase the property, the bank's involvement is necessary. A bank valuation is required, and the buyer must obtain the final offer letter from the lender to secure the mortgage. If the seller has an existing mortgage on the property, the buyer must settle it in full before applying for the No Objection Certificate (NOC). In such cases, after both parties sign the MOU, the seller should request a mortgage settlement statement from their bank, as this process can take up to two weeks. The entire process, depending on the bank, typically takes 6-10 weeks.
All parties will meet at the developer's office to apply for a No Objection Certificate (NOC) to sell the property. The developer typically issues the NOC after a fee payment (ranging from AED 500 to AED 5,000, depending on the developer) and once any outstanding service charges are settled. The developer will also ensure that any modifications made by the seller comply with their guidelines. Often, someone from the developer’s office will inspect the property after the NOC application. Some developers may require a refundable deposit from the buyer, which is refunded once the new title deed is presented at the developer’s office and their records are updated. Processing the NOC can take up to 5 working days.
Once the NOC is issued, all parties can proceed to the Dubai Land Department (DLD) office to officially transfer ownership. The DLD requires payment of the purchase price via a manager’s cheque made payable to the seller on the transfer date, along with manager’s cheques for the 4% transfer fee due to the DLD and an admin fee not exceeding AED 4,000. After completing the formalities, a new title deed will be issued in the buyer’s name. At this point, the buyer will also settle any overpaid service charges with the seller on a pro-rata basis.
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