Buying a property in the UAE involves several steps and requires following certain procedures. Here is a general overview of how the process of buying a property in the UAE works:
Selecting a Property:
Identify the type of property you are interested in (apartment, house, commercial space, etc.). Select a specific project or property.
Reservation and Contract Signing:
Once you have selected a property, you reserve the unit and sign a preliminary contract with the developer. Usually, a small deposit is paid at this time.
Collecting Documents:
Prepare the necessary documents such as copies of your passport, visa, bank statements, and other documents that may be required depending on the developer’s requirements.
Signing the Official Sale and Purchase Agreement:
After a successful reservation, you sign the official sale and purchase agreement with the developer. This agreement defines all the terms of the transaction, the price of the property, the payment terms, and other important aspects.
Paying the Installments:
As per the terms of the agreement, you start paying the installments. Payments are usually made in stages throughout the construction of the project.
Obtaining a Title Deed:
Once construction is complete and all required fees have been paid, you will receive a title deed known as a Title Deed.
Registering with Ejari:
If you are purchasing a rental property, register your property with the Ejari system.
Handing Over the Keys:
Once construction is complete and the Title Deed has been obtained, you will be handed over the keys to your property.
Paying Taxes and Fees:
You may be required to pay any taxes and fees associated with the purchase of the property.
Property Management:
If applicable, begin managing your property, such as renting it out.
It is important to remember that procedures may vary slightly depending on the developer, region and type of property. It is recommended that you seek professional advice and familiarise yourself with the terms of the specific contract before proceeding with the transaction.