Just purchased your first property? First of all, a huge congratulations - we know just how life-changing a purchase of this magnitude can be - and overwhelming!
Fear not, that’s where we promise to be a safe pair of hands and one source of truth, to help you navigate the next steps.
Whether you’re looking to increase your return on investment, generate a second source of income through rental or make your home your own - we’ve got you covered.
What happens now you ask? Let us break it down:
Step one: Fulfil your handover requirements
A completion notice signals the start of property ownership transfer. The developer will send it to you (the buyer) via both email and postal after the property is built. You must fulfil the handover requirements within 30 days, outlined by the developer, to avoid penalties and ensure a seamless transfer of ownership.
Step two: Organise a property inspection
Also known as "property snagging", this inspection is there to detect any imperfections in the property that the developer is required to fix before possession is transferred. If not done within 30 days, you will lose the right to inspect and must accept the property as-is.
Top tip! Keep a copy of the inspection checklist for future reference.
Step three: Schedule a meeting with the handover team
This letter is there to inform you to schedule a meeting with the developer's handover team to finalise the proceedings and take possession of the property.
Step four: Understand what you owe
The completion notice is accompanied by a handover package and will include your account statement and the property completion details, This document outlines the payments you’ve already made and the remaining balance outstanding.
Step five: Settle last installments
You must pay all of the remaining balance owed of the total cost and as specified in the terms and conditions. Any late payment penalties you have incurred must also be settled at this stage. Failure to make timely final payments may result in additional charges.
Step six: Get to know all associated fees!
Oqood is the pre-registration of a property with the Dubai Land Department (DLD) and is required for all off-plan property sales. You will pay a fee of AED 1040, which covers administrative and knowledge fees.
Property owners must pay a registration fee equal to 4% of the purchase price, along with an AED 580 fee for the issuance of the title deed.
For a residential building, service charges are the responsibility of all property owners and are used to cover the maintenance and upkeep of the building's amenities and facilities.
These charges are regulated by RERA and are calculated based on the total area of the property. You must pay these charges in advance on a quarterly basis.
Some developers (but not all of them) may charge an administrative fee to cover the documentation costs for property ownership transfer. The fee amount varies but typically ranges from AED 500 to AED 1000.
Utility registration fees
Before property ownership transfer, you must register utilities with DEWA (AED 2,110, including AED 2000 refundable) and the district cooling provider. Proof of payment is required to complete the handover process.
Step seven: Enjoy the property handover!
You made it! The final and most exciting part of the handover process requires the signature of all property owners or authorised representatives on necessary documents. This happens after you’ve approved the property's condition and all your payments have been cleared and acknowledged by the developer.
And voila, just like that you are officially a property owner!! Hip hip hooray.
If you face any issues post handover that aren’t covered by warranty, we recommend enquiring with your developer beforehand to find out how long your warranty coverage period is
We have a team of experts in our Home Maintenance department to assist you.
We always recommend seeking the help of a dedicated professional to guide you through this process.