SOBHA

A valid passport.

In order to purchase property in the UAE, you must be over 21 years of age. If you satisfy this requirement, the first step is to make an offer. A formal sales contract is drafted and agreed upon between the parties; a deposit is made; the buyer obtains financing, if needed; the seller ensures that the property is not encumbered by anything that goes against what has been stipulated; final payment is made by way of a bank draft or cash in the land department, and the title deed is transferred to the new owner. There are several charges that may apply, for example, clearance of a mortgage, a new mortgage, an administration fee, so always be sure to have extra cash in case of unforeseen circumstances. There are different sets of protocols depending on whether you purchase a completed property from a developer where you are the first time buyer, whether you purchase property that is not constructed from a developer, called an “off–plan” purchase, or if you purchase property from a private seller, called a “resale purchase”. If the purchase is from a developer, there is a payment plan in place, and at times, a mortgage/finance in place. If the buyer is obtaining financing, the seller will often require that an expatriate be “pre–approved for home financing” before signing the sales contract.

The registration cost of Title Deed should be shared between the buyer and the seller, but in practice today, it is paid by the buyer. Standard fees are 2% and are paid by both parties, subject to negotiation between the parties.