Investors in the sphere of real estate in Dubai are attracted not only by the warm sea and eternal summer. Foreigners come to the UAE for a developed infrastructure, liquid property, and absence of common taxes. In addition, the UAE gives buyers of real estate golden visas for different periods, and for those who wish to stay offers a high standard of living and good employment opportunities. Apartments in Damac Hills for expats are the perfect housing units that provide only positive experience to their owners. The purchase procedure consists of a few simple steps, and goes quickly with little cost. In this article, we will describe in detail the steps of real estate purchase.
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Areas providing real estate for sale for foreigners
- Freehold zones
A non-Arab foreigner can buy residential and commercial properties in certain freehold zones in the UAE. Objects located in the free zones are registered as private property and are allowed to be sold, rented, donated or passed on as inheritance.
- Leasehold zones
In addition, in the UAE there are leasehold areas, where real estate transactions are executed on the basis of a long-term lease. The maximum term of ownership is 99 years. At the end of the contract, the tenant should theoretically return the object to the owner, who usually is a company-developer. But you can renegotiate the contract for a relative or yourself for a similar period. Or sell the property before the deadline, transferring the remaining years of the lease to the buyer. This type of property is only available to citizens of Arab countries, i.e. for most foreign buyers such deals are irrelevant. Moreover, the UAE offers various opportunities for real estate investment, including the option of Cheap Homes in certain areas, where affordable housing options are available for those looking for more budget-friendly options.
Procedure of buying real estate in Damac Hills
Roughly speaking, there are four main steps to perform to become a homeowner in Damac Hills.
Signing the preliminary contract
When a housing unit in Damac Hills is selected, a buyer needs to sign a preliminary contract with the developer. It is compiled either in English or Arabic. To avoid any misunderstandings in the process of signing and to be confident in mentioning all conditions in the document, it is advisable to address a trusted real estate agency. AX CAPITAL is ready to provide qualified help at each stage of a deal.
In the contract, the following information should be mentioned:
- the address of the object to be purchased,
- transaction sum,
- responsibilities of the parties,
- the distribution of the obligatory accompanying payments, as well as the timing of their payment.
If you are buying a new building, make sure that the document specifies the date of completion of the project in which your home is located. Also, be sure to spell out the compensation that the developer will pay if the complex is not completed by the deadline.
Signing the contract of sale
The next step is to sign the sale and purchase agreement, which in Dubai is called “Contract F”. This document obliges a buyer to send an advanced payment to a seller. The amount is discussed in negotiations. The certificate of transfer is kept by the realtor. If the deal goes as originally intended, the buyer gets the deposit back. If the investor changes his mind, then the money stays with the seller, if the seller cancels the deal, he has to return the money in double.
Application for a NOC certificate
The seller and the buyer meet at the office of the developer and apply for a Certificate of No Objection (NOC). With this document, the builder certifies that the seller has no debts to them. It can take up to five working days to process the data. Issuance of the certificate means that the seller can transfer the title.
Transfer of Ownership
Once the NOC has been issued, the seller and the buyer go to the Dubai Land Department to transfer the property. Payment of the entire amount of the transaction is made on that very day, when the department issues a check for payment. Then the buyer receives the Title Deed and officially becomes the owner of the property.
Resume
Buying real estate in Damac Hills does not require any complicated steps. If you perform the deal with professional help, you will eliminate possible issues and fasten the transaction.
