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Researching The Market
Whether you are a first time buyer, end-user or investor it is imperative to do your homework before committing to a property. It is advised to research and visit a number of areas/developments that fits your living and financial criteria.
The Buying Process
Whether you are a first time buyer, end-user or investor it is imperative to do your homework before committing to a property. It is advised to research and visit a number of areas/developments that fits your living and financial criteria.
Gaining Pre-Approval
It is advised prior to viewing and making any offers, that you contact a bank or mortgage brokerage to gain a Pre-Approval for a home loan. Not only will this give you a good indication of what price range to look in, but both brokers and more importantly sellers will take you more seriously when viewing and making offers.
Working With Real Estate Brokerages
After doing your homework on the market and the processes of what is expected from the buyer. It is advised to contact a handful of RERA registered real estate brokerages to help assist you in your next purchase. What some buyers often do is call every agent they can 'To Get The Best Price', trying to do this can backfire as most sellers will have their properties listed with several companies, so you enquiring with every agent possible could result in sellers upping their price expectation as they may receive several calls from brokers about the same buyer (You). The more established brokerages will have an extensive selection of properties to show, whether it be above below or within your budget to help you have an idea of what you can get for your money.
Making An Offer
When making an offer, whilst negotiating the price is very important, it is equally important the broker is aware of you position, whether you be an investor, end-user etc. and also how you are planning to finance your next purchase. The reason for this, when the broker makes an offer to the owner on your behalf it will only add weight to the offer highlighting why your buying and how quickly you can move. A good broker will ask these questions.
The Paperwork
Once you have agreed an offer, you are expected to sign a legally binding contract (a Memorandum of Understanding) between both buyer and seller as a form of commitment towards the purchase of the property. You are also normally expected to pay a 10% deposit, which is held by a neutral party the brokerage you are dealing with until the day of transfer.
The In Between
Depending on whether the seller of the property has finance currently on the property or is owned outright and if the buyer is financing the property, there are different processes to follow. They will ultimately both result in applying for something called a No Objection Certificate (N.O.C.). This is applied for and collected normally from the original developers office, this process can take normally 7-14 working days depending on the developer.
Transferring A Property
All transfers of properties are done at the Dubai Lands Department located in Deira; this is the central hub for all property registrations and transfers. The property is transferred into the new buyers name here, and will become the new legal owners. All documentation and Certificates are handed over from the seller on the day. Your broker will advise you several days in advance what is expected from you.
*For further information on the 'Moving Process' Click here to request an Allsopp & Allsopp Transfer Pack to help guide you through various scenarios when buying a property in Dubai.
