Well, if you’re not much of a reader, then these bite size information-rich videos should do the trick! We highlight tips for tenants, landlords, buyers and sellers. We’ve also filmed residents in the UAE like you and me, who had legal questions they wanted an answer to. Legal consultant, Ahmed Odeh, gives some useful advice that’s worth listening in on!
Three things that all Dubai buyers should know.
Number 1, check the seller’s credibility. If the seller is a developer selling
off plan property, check that they have a title deed
and the requisite permissions from the Dubai Land Department
in order to build the property. If the seller is an individual
selling a readymade property, check that they have a title deed.
But if the seller is an individual selling an off plan property,
check that they have obtained a statement of account from the developer,
showing that they’ve made all the completed payments so far.
Just as a side note to mortgage buyers. The UAE Central Bank has recently
issued new regulations for mortgages and that means there will be a difference
between how much you as a buyer will be able to obtain
as a mortgage for readymade properties as opposed to off plan properties.
If you are a first time buyer for off plan properties, you’ll be able to get up to
a maximum of fifty percent of the purchase price as mortgage.
But if you’re a first time buyer for an expat for readymade properties,
you’ll be able to get up to seventy five percent of the purchase price as mortgage.
Now, secondly. Review the sale and purchase agreement
from the seller very carefully. If you’re buying an off plan property,
I would advise that you look into the unit size, the plot size,
the anticipated completion date, as well as the payment plan in line with the construction progress.
But if you’re buying a readymade property, I would advise the most important
thing to do, is to make sure that you effect the transfer of the sale
within the stipulated deadline of the sale and purchase agreement,
so that you do not lose out on your reservation deposit.
And lastly, keep original copies of your sale and purchase agreement
and the receipts of payment, so that in case you get into a dispute with your developer,
you’d be able to use them as proof of purchase.