Dubai is one of the most beautiful cities globally, and thus it attracts people from different parts of the globe. In the last few decades, the city has experienced massive economic growth. With its economic growth, it has observed a growth in investments too. Therefore, people want to settle in this city to explore job and entrepreneurship opportunities in such a scenario.
Dubai is an excellent city for residing in, as it offers amazing facilities to the dwellers. You will find beautiful restaurants and cafes to hang out with friends and family. In addition, you will find modern transportation facilities to move from one part of the city to another part. Overall, the city offers a high standard of living experience, and thus there is a high demand for various residential properties.
Before you purchase Palm Jumeirah villas for sale, you need to check the property’s condition and negotiate the price with the sellers. Besides all these things, the buyers must also know the legal steps for concluding a property purchase deal in Dubai. Find a guide in this regard in the following section.
Understand the Law for Buying Properties in Dubai
The UAE government had introduced the Real Estate Law in 2006, and this law has regulated property buying in Dubai. According to this law, a GCC or UAE citizen can only purchase a property in Dubai and other parts of the UAE.
Does that mean foreigners cannot buy property in Dubai? The same law has a provision to attract property buyers from other countries too. However, foreigners can only purchase properties in the areas designated for foreign property ownership.
Types of Property Ownership in Dubai
According to the Real Estate Act in the UAE, there are two types of property ownership in Dubai: freehold and leasehold. Leasehold ownership remains valid for a fixed period, while freehold ownership is valid forever.
Leasehold ownership is the best option if you want to live in Dubai for a specific period. Moreover, it is a budget-friendly option for buying property in Dubai. On the other hand, freehold ownership suits those who want to live in Dubai for a long time.
Legal Steps for Buying a Property in Dubai
The UAE government intends to offer the simplest legal framework to ensure real estate buyers and sellers do not face hassles. The government is keen to promote business transactions for the growth of the local economy. If you want to buy an apartment or villa in Dubai, you need to follow the steps mentioned below.
1. Contract Formulation
The first step toward buying a property is formulating a contract between the buyer and seller. Buyers have to check the property carefully and negotiate the final price with the seller. When you have completed the negotiation, you need to create a contract with the seller. Typically, the lawyer of the seller makes such a contract.
Buyers also need a lawyer to read the contract and understand various clauses. For a person with non-legal background, it may be difficult to understand the legal clauses mentioned in the contract. Therefore, buyers need lawyers to check and validate the contract.
2. Sales Agreement Signing
The next step is signing the sales agreement between the buyers and sellers. The sales agreement will mention all details of the property and negotiated price. The buyer must pay 10% of the property value as a security deposit to the Registration Trustee.
Both sellers and buyers need witnesses for signing the contract. After completing all the formalities, both buyers and sellers should have copies of the agreement with them.
3. No Objection Certificate
After completing the agreement, the buyers and sellers have to meet the developer to obtain a no-objection certificate. The developer grants the certificate after checking a few protocols. In most cases, it takes two to three days for the developers to verify the protocols.
4. Ownership Transfer
After obtaining the NOC from the developer, the ownership transfer can formally happen. Typically, sellers agree to transfer ownership after obtaining the complete payment.
If you want to purchase the Palm Jumeirah villas for sale, you must follow the steps mentioned above. Moreover, you need a professional platform to find top-quality properties in Dubai, and Ever Homes is such a platform.