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How to buy a property in Dubai - For Non-residents
Non Resident's guide to buying a property in Dubai United Arab Emirates
Most of the process can be done on the interval when buying through us because we work directly with the Dubai Real Estate properties projects developers in Dubai.
You don't have to be un Dubai when you're buying from the developer.
Here I will explain the process of transfer for non-residents.
There are two types of transactions....
When you are buying from the developer and the second one is when you are buying from an individual on the secondary market.
Let's start with the secondary market, because it's a little bit longer process and purchase from the developer is quite easy.
So when you are buying on the secondary market, first of all, you need to have a bank account over here in Dubai, and you need to be ready that you will need to waste around five days up to 1,5 months for the transaction.
Why is there such a big gap?
The thing is that sometimes the seller can have a mortgage on the quality and it will take time to clear the mortgage and, besides that, there are some other documents that you need to make before the transmit, such as a NOC from the developer.
Noc from the developer is Non Objection Certificate from the developer, so the developer will have to check if there are any outstanding sums that the current owner has and basically he's checking.
If there are any fees that he needs to pay for the maintenance rewards, and if everything is okay, they will allow you to make a transfer, and this moves the transaction very safe for you.
So how does it often work on the secondary market? First of all, you need to find a property.
After that you will need to sign an agreement with the seller.
You will need to set 10 % as a security deposit, and after that you need to go to the NOC for the developer, and formerly the NOC is ready, you will go for the carry-over somewhere in between.
There might be a bank with the mortgage and in some cases it can take some time.
So you need to be ready that you will need to expend maybe a few periods in Dubai to finalize everything.
And what is important, why I mentioned that you need to have a bank account here is because you need to prepare a manager's cheque for the transfer.
You cannot "re coming with" the currency for the give and you cannot transfer the money to the seller's account.
So that's why you need to bring a manager's cheque.
Manager's cheque is a cheque that has a guarantee from the bank that there is money on your account.
So when a bank publishes a manager's cheque, they block this amount on your chronicle and like this, the vendor will be sure that when he comes with this check to the bank, he will receive his money.
An alternative option is ... like if you don't want to open a bank account here is to open ... to transfer the money to the broker and cause he prepare the manager's cheque.
But I don't recommend to do that because you understand there is some risk involved in this and it's better to open a bank account.
The second type of obtains when you are buying from the developer.
This is the easiest and the smoothest obtain that you can attain. First of all, it's safe as far as your transferring money simply to the escrow account and you don't have to open now a bank account
You can simply transpose the money directly to the escrow account of the project and sometimes it's even easier than to transfer to your own account, because, due to some regulations in different countries, you need to explain why you're should be transferred somewhere ..., regrettably So with the carry To the escrow report you can explain it ``, I am buying a property '' and mostly the entire process can be done on the interval. You don't have to be over here when you're buying from the developer.
So when a developer is selling something, his activity needs to be registered.
That project has to have an escrow account and the government regulates all this.
So I have a lot of cases when people precisely should be transferred to the escrow account and then the developer sends them.
The auctions and acquisition agreement, so once you make the payment of the down payment, and once you determined the payment of the registration costs, the developer will cross-file the property for you and again, you don't have to be here for the registration.
The government obligated them the developers responsible for this.
They will have to go to the Dubai Land Department and do all the paperwork.
So when we are talking about a purchase from the developer, it can take you simply a few hours to choose the unit and to make a transfer.
Everything is very straightforward, very transparent and very easy.
So this is the brief informed about the transfers.
I hope you got an idea about how most of the systems are working.
If you have any questions I'll, be happy to answer them just contact us and ask the questions.