5 legal tips every home buyer should know
>> May 2, 2019
Buying a property in
Dubai is one of the best and probably the most significant investment decisions
you will ever make in your life. Over the past few years, the Dubai property
market has gone through a lot of changes that make it easy to acquire property
even for non-nationals.
If you are looking to buy
a property in Dubai, you should consider Meraas
Bluewaters Residences. This is because they are currently being sold
off-plan at a lower cost than the completed ones. Also, the payment terms are
very friendly. Dubai Creek Harbour
projects, Emaar
Beachfront apartments, Port de la mer are few most prominent new real estate projects in Dubai.
image:pixabay.com/photos/sale-sold-hand-signature-house-3701777 |
Below are some legal tips
for home buyers in Dubai:
i.
Ownership
The law no. (7) of 2006
was one of the first laws that facilitated foreign investment in Dubai. This
law provides the right to freehold ownership of property without time
restrictions. It also provides the right to lease a property for a period not
exceeding 99 years.
ii.
Non-GCC nationals
There are two main ways
in which you can acquire a property in Dubai if you are a non-GCC national.
·
Individual- it is the most popular method of property
ownership in Dubai. This way, you can purchase the property as an individual
and register in your name.
·
Joint ownership- This method allows ownership of a
property for up to four people. The title deed and the register will recognise
all the individuals involved as joint owners of the property.
iii.
Brokers and agencies
Law No. (85) of 2006
regulates real estate brokers and agents in Dubai. According to the law, an
agent or agency cannot conduct any activity without being registered by the Real
Estate Regulatory Authority (RERA). Therefore, when buying a property, you have
to ensure that the agent you are dealing with is registered. Also, agents are
not permitted to accept cheques in their own names. All cheques must be
addressed to the seller or landlord.
iv.
Mortgage
According to law No. (9)
of 2009, a mortgage is not valid unless it is registered by the Dubai Lands
Department (DLD). Any agreement that is not registered is null and void. The
mortgagor (owner of the property) bears the cost of the contract unless
otherwise agreed. The fee of registering a mortgage is 0.25% of the loan amount
plus AED 4100. On the other hand, buyers are not allowed to seek personal loans
or use their credit cards to pay for a down payment of the mortgage.
v.
Jointly-owned property
Law No. (27) of 2007,
also known as STRATA law, allows property owners of a master community to form
an association for the purpose of managing expenses and managing the community.
The owners association is a non-profit organization and has a separate legal
entity from its members. This means the association has the right to sue or own
movable assets.
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