Buyer Guidelines
Buying a property is a stressful ordeal. Most new investors find it difficult to take the first step due to the sea of information that is directed their way. To ease the transaction and help you begin the process, we have put together a brief guide on how to help you prepare everything you need to purchase your new property
1. Suitability
Any person, regardless of their nationality, can purchase freehold real estate in Dubai.
2. Documentation
To start the process of buying a property, you will need:
- A Valid Passport Copy
- A Valid Visa Copy (if you are a resident or tourist)
- A Valid Emirates ID Copy (if you are a resident
- All the documents will need to be attested by the UAE embassy
You will need to apply for and obtain:
- Memorandum of Understanding (MoU)
- No Objection Certificate (NOC)
After the MoU and NOC are issued, all parties involved in the transaction will need to go to the Dubai
Land Department to transfer the title deed in the name of the buyer. The Dubai Land Department (DLD) and administration fees will need to be paid.
3. Finance
One of the most important parts of the buying process is to organize your finances. Transactions are
usually completed through one of two ways – cash and mortgages.
If you’re going to pay with cash, you can speak to your agent about negotiating the price to secure a
better deal for yourself.
After confirming the price, the payment process becomes relatively
straightforward.
Paying via a mortgage involves an assessment into the down payment and monthly instalments you
can afford to purchase the property.
A mortgage is a more complicated method of financing your
transaction, so we have included a separate section on it to give you as much information as
possible
Buyer Process
The Intent of Investment:
The first step in the process of purchasing a property, whether residential or commercial, is to
decide on the intent of purchase. The intent could vary from buying to let, buying to reside, or
simply buying to profit from the capital appreciation returns.
Decide on a housing complex:
Once the intent has been established, you also need to decide on the type of housing complex
you want – this ranges from an apartment, villa, townhouse, penthouse or even a duplex. As a
buyer, you then need to determine your requirements for the freehold property you would like to
purchase. Factors that could affect your decision include distance to educational institutions,
workplaces, supermarkets, and metro links.
Organize your finances:
One of the most important parts of the buying process is to organize your finances. If you’re
going to complete the transaction using cash, negotiations can be made with the seller to
coordinate a better deal.
For transactions completed with mortgages, you need to assess how
much of a down payment you can afford along with the monthly instalments of payments to
settle your mortgage.
Choose an agent:
The next step is to choose an agent you trust to facilitate your purchase. When you assign an agent from Tamlik Real Estate to guide you, you will not be let down. Our company prioritizes the goal of attaining the best deal for our clients while feeling empathy for their perspectives. The expertise and trust you will experience at Tamlik Real Estate are unrivalled; we will help you fulfil your dream of owning a property.
Arrange viewings:
Clients can book numerous viewings all over Dubai at the advice of your agent. Using Tamlik Real Estate as your agent, you will be privy to the in-house VIP concierge services and be transported to all your viewings in one of our many luxury vehicles. We will be able to provide you with a variety of properties to fit your requirements so that you can make a fully informed decision to protect your interests.
Make An Offer:
Once you’ve decided on a property you like, our agents will advise you on the method and timing with which you will make your offer. In many instances, timing is crucial and can make the difference between securing your dream home and losing out on a property.
Agreement of purchase:
Once you decide on a property of your choice and both parties have reached an agreement – a
memorandum of understanding (MoU) is signed. A MoU is an agreement between parties
outlined in a formal document – the creation of this document signals the willingness of both
parties to move forward with the deal. All parties then need to apply for a No Objection
Certificate (NOC) to move forward to the next step.
No Objection Certificate:
All parties involved in the real estate transaction then need to apply for a No Objection
Certificate (NOC) to move forward to the next step. The Certificate is only granted after a fee is
paid and all documentation is checked for accuracy.
Transfer of Title:
The last stage of the buying process is the transfer of title from the seller’s name to the buyer’s
name – this usually takes place in the developer’s office and involves a fee. It depends on the
developer and thus consulting your agent is the best move to complete the buying process.