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Mostly People ask about What are the legal requirements for buying property in Dubai?

Posted by admin on January 4, 2023
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These requirements are set by the Dubai Land Department (DLD) and are designed to protect the interests of buyers and sellers and ensure the smooth functioning of the real estate market in Dubai.

Mostly People ask about What are the legal requirements for buying property in Dubai

Here are some of the legal requirements for buying property in Dubai:

Purchase agreement: A purchase agreement, also known as a sale and purchase agreement or a real estate contract, must be signed by the buyer and seller. The purchase agreement should include details such as the purchase price, closing date, and any other terms that have been agreed upon.

Deposit: Upon signing the purchase agreement, the buyer must pay a deposit to the seller. The deposit is typically paid in the form of a bank draft or wire transfer and is held in an escrow account until the closing date.

Title deed: The title deed is a document that proves ownership of the property. The title deed must be registered in the buyer’s name at the Dubai Land Department.

Financing: If the buyer is financing the purchase with a mortgage, they must obtain financing from a lender and provide proof of income and financial assets to the lender.

Registration fees: The buyer must pay registration fees to the Dubai Land Department to register the property in their name.

Transfer fees: The buyer must pay transfer fees to the Dubai Land Department to transfer the ownership of the property from the seller to the buyer.

Value-added tax (VAT): If the property is a new build, the buyer must pay VAT of 5% on the purchase price.

It is recommended to seek the assistance of a lawyer or conveyancer to assist with the legal requirements of buying property in Dubai, as they can provide guidance on the laws and regulations governing real estate transactions in the country.

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