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Contracts generally include information like contract number, start and end dates, title deed details, commission rates, mortgage details if applicable, and signatures of involved parties.

What is Form F in Dubai real estate transactions?

Form F is a mandatory contract between the seller and the buyer used in property sale and purchase transactions.

What types of smart contracts are used in Dubai real estate transactions?

There are three main types: Contract A (between seller and real estate brokerage for marketing a property), Contract B (expression of purchase desire between buyer and broker), and Contract F (property sale agreement between seller and buyer).

How are properties registered in Dubai?

in Dubai, property registration is handled by the Dubai Land Department (DLD). All real estate transactions must be recorded through DLD's electronic system (e-register), based on specific procedures and required documents. Real estate developers record their transactions through a self-registration system, while other transactions need completion by the owner(s) or their representatives at Real Estate Registration Trustee centres across Dubai

What happens if you can't pay for your off-plan property in Dubai?

The consequences depend on the construction progress. If 80% or more is complete, the developer can keep all payments and sell the unit in a public auction. For less progress, the developer can deduct a significant portion of the purchase price and cancel the contract. Specific percentages apply based on the stage of completion

Are real estate transactions subject to VAT in Dubai?

Most real estate transactions, except the sale of vacant commercial properties and commercial property leases, are either not subject to or exempt from VAT. Residential rents are not charged VAT, but other services related to the rental agreement may be subject to VAT

How does the process differ for GCC nationals and other buyers in Dubai?

The DLD conducts transfers directly for GCC nationals, while other transactions must be done through a DLD-accredited Registration Trustee office

What additional fees are involved in property transactions in Dubai?

These include the developer's NOC fees, Registration Trustee office fees, and, if applicable, mortgage settlement costs. The fees vary depending on the property and transaction type

What is the importance of the No-Objection Certificate (NOC) in Dubai property transactions?

The NOC confirms that the seller has paid all service charges and has no dues with the developer. The cost for an NOC is usually borne by the seller.

What happens in the case of a cash buyer purchasing a mortgaged property?

For properties with existing mortgages, the seller must obtain a liability letter from the lender. The buyer and seller follow similar steps as for a mortgage-free property, but the seller's mortgage must be settled before the transfer.

What are the steps for a cash buyer purchasing a mortgage-free property?

The buyer and seller sign Form F, and a deposit (often 10% of the purchase price) is held by a neutral party or the seller's broker. Upon the transfer, this cheque is given back to the buyer, and it is only encashed in the event that the buyer does not fulfill the terms of the agreement. An NOC from the developer is needed, stating the seller has cleared all dues. Transfer fees and other costs are settled at a DLD-accredited Registration Trustee office. The buyer must provide manager's cheques for the purchase price, transfer fee, DLD registration charges, and broker’s commission.

What is the role of the Cube service center for property owners in Dubai?

The Cube center by Dubai Land Department helps property owners complete all visa procedures, including the application and issuance of UAE residence visas.

How can property owners apply for a visa in Dubai?

Property owners can apply for a UAE residence visa through Dubai Land Department's Cube service center.

What are the requirements for residency via property investment in Dubai?

Residency eligibility through property investment depends on the value of the property, with renewable real estate residencies being available for certain investment amounts. As per Dubai Land department (1) real estate investor owning a property the purchase value of which is equal to or more than 2 million AED at the time of purchase, are allowed to apply for a 10-years renewable residence permit. The husband or wife, children and parents can be sponsored. In the event that a mortgaged property, a bank letter indicating 2 million AED paid amount as a proof to be provided (2) real estate investor owning a property the purchase value of which is equal to or more than AED 750,000 at the time of purchase, are allowed to apply for a two-years renewable residence permit. The husband or wife, children can be sponsored. (3) a retiree owning a property the purchase value of which is equal to or more than 1 million AED at the time of purchase, whose age is 55 yeas old and above can apply for a 5-years renewable residence permit. The husband or wife and children can be sponsored. In the event that a mortgaged property, a bank letter indicating 1 million AED paid amount as a proof to be provided. Please visit the DLD website for the lasted update https://dubailand.gov.ae/

Can a foreigner obtain residency by buying property in Dubai?

Foreigners can buy property in Dubai and may be eligible for a renewable real estate residency based on the property's value.

Can expatriate buy property in Dubai?

Expatriates can buy homes in specified freehold areas in the UAE, including various types of properties like villas, townhouses, or apartments.

What are the costs involved in buying property in Dubai?

The costs depend on the type of home, its location, stage of construction, and proximity to amenities. Additional costs include bank fees, commission, and government fees. The advertised price may not include these extra costs.

What is the process of buying a home in Dubai?

In Dubai, buyers need to pay a real estate agency fee (2% of the property value), DLD transfer fees (4%, split between buyer and seller), and a title deed issuance fee (Dh250). For properties priced above Dh500,000, a registration fee of Dh4,000 is applicable. If the property is mortgaged, there's also a mortgage registration fee calculated at 0.25% of the registered loan amount

What are the bank fees for mortgaged buyers?

Expatriates generally need to pay a down payment of 25% of the purchase price. There are also valuation fees and a mortgage establishment fee.

Is life insurance required for mortgages in the UAE?

Yes, life insurance is compulsory for mortgage borrowers in the UAE. The cost varies based on age, health, and the provider.

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