Frequently Asked
Questions
To buy a property in Dubai involves several easy steps. Initially, the buyer and seller agree on the sale terms and sign a Memorandum of Understanding (MOU).
The seller then obtains a No Objection Certificate (NOC) from the property developer, settles any outstanding dues, and clears any mortgage obligations. Next, both parties schedule an appointment at a DLD office, where they submit required documents, including the original title deed, NOC, and proof of payment.
Upon paying the transfer fees, the DLD issues a new title deed in the buyer’s name, officially recording the transaction and updating the developer’s records.
Profits from selling at a higher price are entirely yours to keep, as the UAE imposes no income tax on the price difference.
Additionally, the buyer is typically responsible for paying the real estate agency’s commission, minimizing costs for the seller.
Documents Required:
- A No Objection Certificate (NOC) from the developer is a crucial document for property transactions. This letter confirms that the owner has no outstanding debts or obligations to the developer.
- Both parties passport copies are essential for verifying identities and completing the legal process.
- The Sales and Purchase Agreement includes detailed information about the seller, buyer, and the property involved in the transaction
Additional documentation typically includes a recent bank statement, a tax return, and a completed Know Your Customer (KYC) form.
These documents are essential for processing the reservation and ensuring compliance with legal and financial requirements.
Purchasing a property in Dubai for $205,000 USD qualifies you to apply for residency.
This residency extends to the apartment owner and their family members. Once approved, residents receive an Emirates ID, enabling them to open bank accounts, obtain local driver’s licenses, and secure insurance.
Dubai residents can also access banking services such as mortgages, consumer loans, and car loans.
