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Compare the rental with the price to get the rate of return. If it is close with the bank installment then it is advisable to buy
Property sourcing /buying it is highly recommended to be purchased from a Reputable Developers who has a track records of delivered quality good projects.
Check the owner / developer for the selected property have clear title deed which is issued from Land Department and get clear by checking and obtaining the NOC /transfer documents which is generally issued by the Master Developer and the approved RERA -service charges for property / community & utility dues etc to be checked from the Owners Association managing the property will issue the details dues all cleared for the selected property.
To conclude, the service charges should as per the market and that the property is well funded ( both general and reserve funds cash in bank) and managed by the good appointed Owners Associations, as this will give you a peace of mind and rest assured the investment will grow, as well managed Asset will enhance the property value and creditable in the market.
The seller and the buyer must possess sufficient knowledge of the sale and purchase of land and property laws, including matters concerning the transfer of ownership procedures. It is useful to see the market prices browse through information about trading (buying and selling), which publishes weekly, monthly and verify that the broker or agent, or a certified and licensed real estate developer with the Real Estate Regulatory Agency (RERA) of the Department of land and property, which is the government agency solely responsible for registration of real estate investment in Dubai, organized and encouraged.
Expatriates can buy freehold property in Dubai either on the map or from other investors in the secondary market. You can also search in Dubai's real estate market-mail (E-Mart) of the Department of land and property ads for sale and purchase of real estate. While most real estate companies have their own websites, daily newspapers contain advertisements for real estate sale and purchase as well.
Most of the properties for sale on the map require you to pay a deposit in advance by between 10% and 15%, while the remaining amount be paid in the form of premiums. While selling the cheapest on the map because the drug may be partially built or not built yet, you should take precautions, including ensuring that the developer is registered in RERA by the trust account for the property in question.
The second option is to buy a property is ready from other investors in the secondary market. In this case you have to ascertain whether the owner of any real estate loans outstanding, or had been living in the country or abroad or has full ownership of the bonds, as you ascertain whether there was a tenant of the property is and who is the intermediary or agent and what are the commissions to be paid Other than the sale price. As is the case anywhere else in the world, you should consult a real estate and legal experts and ask a lot of questions and the commitment of caution. It should also be noted that, according to the rules of the law No. (85) for the year 2006, you should not pay fees and commissions to brokers or real estate companies only after the signing of the contract or memorandum of understanding. All the real estate broker must obtain a license from the Department of land and property, and to adhere to business ethics so well characterized as an agent, and holds a real estate broker's identity card. Most real estate brokers and earn wages ranging between 1% and 2% of the value of the property; therefore investigated about it in advance and be prepared to negotiate and therefore dealing with a real estate broker else if you are not satisfied with their pay. Usually, the best real estate agency include real estate broker in the announced sale price wages.
Once agree to buy a property is ready at a particular price is a contract / memorandum of understanding (holding -4, U form) to select all of the costs and responsibilities of the buyer and the seller, including the deposit to be paid (usually 10% of the property value by check payable to the seller that keep custody mediator).
How to Buy Property in Dubai
Dubai has become a popular place for foreign investors and expats. In recent years changes to the law have opened up the Dubai property market to foreigners. It is now relatively straightforward to purchase property, provided that you have the finance. Seek expert advice to help you negotiate the local laws and regulations.
Part1
Finding Properties to Buy
1
Determine what type of property you are interested in. Foreign buyers often choose to purchase either apartments, townhouses, or villas, which are generally located in secure complexes with communal leisure facilities such as tennis courts, swimming pools and gyms.
Start searching online. As with any property search, a good place to start is online. There are numerous agencies and estate agents that list properties in Dubai online. You can buy properties from estate agents or from property developers. Estate agents generally sell resale properties, properties that have been built and have previous owners. Developers sell off-plan properties, which may be still under-construction.This is an important step if you want to buy property in Dubai.
Contact specialist agents. If you want help with your search, and want to talk to someone with specialist knowledge about the property market in Dubai, it’s best to employ an estate agent to work with. Estate agents can help you find properties and explain your options to you. Big real estate companies will be used to dealing with foreign buyers and will speak English.
Attend property fairs. The property market in Dubai is still relatively young, although growing fast. As a result, a significant amount of property bought by foreigners is bought from developers who may not have built the development yet. Property fairs are a popular way for developers to present their work and meet potential buyers. These property fairs are held all over the world, so look for one visiting a city near you. This is an important step if you want to buy property in Dubai.
Visit Dubai. Before you think about making a move for a property be sure that you have spent a little time in Dubai. If you are buying a resale property ensure that you view as many properties as you can, and ask the same questions you would ask if you were buying property anywhere else in the world.
Part2
Meeting Eligibility and Financial Requirements
1
Have the required ID and visa documents. Since a change to the law in 2002, it has become much more straightforward for foreigners to buy and rent property in Dubai. You will, however, still need to present a valid passport to prove your identity. You are not required to hold any type of residency permit in order to buy property, but assuming you want to stay there you will have to take care of this.[9]
2
Determine the full costs. You need to be certain that you can afford the property and meet all of the costs attached to the purchase. When you are determining the overall cost of the property you should include the purchase price, the deposit, transfer fees, estate agent fees and the potential for currency exchange rates to fluctuate. This is an important step if you want to buy property in Dubai.
3
Get a mortgage in Dubai. Mortgages can be difficult to obtain in Dubai. Non-status/self-certification mortgages are not available and the amount of red tape and paperwork involved can be off-putting to those accustomed to a less rigorous system. In some cases, buyers may be required to put down between 20% and 50% of the value of the mortgage in cash. This is an important step if you want to buy property in Dubai.
Part3
Buying “Off-Plan” Property
1
Submit a reservation form. If you are buying property off-plan, the first step once you have decided on the property you want and secured all the financing, is to submit a completed reservation form. This form will summarise the basic terms and conditions of the sales agreement, including information on the payment plan, and personal information from all parties.[13] This is an important step if you want to buy property in Dubai.
Pay the reservation deposit. Once the reservation document has been agreed you will have to pay the reservation deposit. The amount will be stipulated in your reservation form, but it will typically be between 5% and 15% of the purchase price. Developers will often not draw up the official sales and purchase agreement until this deposit has been paid, and will sometimes charge up to 20% or more.[15]
Complete a formal sales and purchase agreement. The formal and legally binding contract is the sales and purchase agreement. Make sure this documents the date by which the property should be completed, and what penalties the developer will incur if it is delayed. Have a lawyer look over the contract with you, and check all the details, terms and conditions.
4
Transfer the deeds. To complete the purchase you must transfer the deeds. This is the point at which you will be required to pay 100% of the purchase price. The deeds will not be transferred, and you will not own the property until you have paid, so you must have financing in place. This is an important step if you want to buy property in Dubai.
Part4
Buying “Resale” Property
1
Make a Memorandum of Understanding. To purchase resale property in Dubai you must agree terms with the seller, and record this in a Memorandum of Understanding (MOU). This is a basic document that outlines the terms and conditions, including the date of the final purchase. It is not legally binding, but is a necessary first step to buying resale property.[19] This is an important step if you want to buy property in Dubai.
Pay the initial deposit. Once the MOU is signed, the purchaser will have to pay the deposit, typically around 10% of the purchase price.[20] This deposit is normally non-refundable, unless there is a particular reason why the seller is unable to bring the transaction forward.
Obtain the deeds. Once you have an agreement and financing in place, you can move on and complete the purchase. As an expat you will be required to pay 100% of the purchase price before the deeds are transferred, just as if you were buying an off-plan development. To do this, you may need to attend an appointment at the Land Department and present all the paperwork. This is an important step if you want to buy property in Dubai.
Source: WikiHow
