Steps involved in the selling process in UAE

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buying a property in Dubai can be an exciting and emotional process and this guide will break it down into easy to understand steps that help you to avoid mistakes and make informed decisions first things first know your why what is your investment motive are you planning to buy a home for your personal use or are you interested in an investment property a property which you can rent out and generate income with this is important to determine right from the beginning that this is a question you will be asked many times during the whole purchasing process now we can go to the next step which is thinking about your finances are you going to buy cash or mortgage already at this stage you need to understand how much budget you want or can afford to own a property in Dubai if you need financing use any of the online available mortgage calculators here in the UAE that offer you a rough estimate about how much you most likely will be approved for these preliminary numbers aren't final but at this stage we only want to find out what a mortgage payment looks like so you can set yourself a budget to work with once you're financially ready for it we can start thinking about properties now that you have your budget figured out and you are financially ready that is where the fun begins now you need to think about what exactly you want and then decide which of those features are main priority and which ones are nice to have beginners and write down how many bedrooms and bathrooms you need which amenities for your Clarity if apartments or townhouse or the Villas are more your style and if your property shall be completed and ready to move or if an offline property under construction is your preferred option and while you're doing that list always have your investment motive in mind when purchasing a property in Dubai for investment purposes only most likely the requirements will be very different to when you buy a property for your own personal use also when house hunting later on you should be prepared to compromise it's rare when a property has all the features you need so best to rank your list in order of the importance quick side note here as an expat you can only buy properties in Dubai in so quite designated Freehold and leasehold areas rehold means that you have the complete ownership of the property and its land which would always be my recommendation over a leasehold property where you can obtain property rights only for 99 years now we can go find properties and here's the step when most home buyers get it wrong they immediately start calling real estate agents to book multiple appointments wasting hours and hours I on the phone as professional agents won't entertain their inquiry yet at that stage and be driving around and attending one viewing after the other without any clear results so whenever possible I guide my clients by providing a more systematic route through the whole home purchasing process to give them the best we try and invest of their time and here's my Approach now that you know your preliminary budget the type of property you're looking for and your specific requirements such as number of bedrooms you can start your initial search on the leading portals such as property finder value hausa where you can enter your budget and your requirements to filter your results here it is important that you set your price range filter in ance with your budget as an example when you run the numbers and you see that you will be most likely approved for 2 million Dirham set the price range filter ingly with plus minus 10 and search now you can see all Dubai communities and neighborhoods that offer properties matching your requirements within your budget spend some time now on these portals and explore the different neighborhoods the project and the property description once you start finding communities and projects that appeal to you go and drive and walk through these communities on your own not to view any units but to explore the neighborhoods in general to get the Vibes and feeling ideally you do that more than once at different times of the day I'm pretty sure after a while you will be able to shortlist some communities and projects within your budget which excite you and make you want to view now it's time to introduce a real estate agent into the process as it is beneficial to you to utilize the agent's Network and resources such as lenders mortgage brokers trustee offices Etc a professional certified agent does not only find you the best option but makes a big difference throughout the whole process of buying real estate from understanding your needs knowing the ins and outs of the market and its applicable laws to negotiating on your behalf with the seller and closing your unit you might be wondering why I didn't introduce us the agent already early on the classic and the reason is very reasonable I want you to have a pleasant and enjoyable Journey throughout the whole process at no time I want you to feel pushed into buying a home or into a certain Community or project then you're unfamiliar or uncomfortable with I want you to have a good understanding of your finances and ideas of where you want to live or invest finally at this stage I want you to be sure that buying a property in Dubai now is exactly what you want to do you will want to find a rare certified agent that you can trust to help you to find your perfect property there's just one other common mistake that you shouldn't do don't use the same agent who is selling the home you're looking to buy it's much better if you have your own agent to Advocate and negotiate on your behalf your agent will conduct an in-depth consultation with you where all your finances requirements and timelines are discussed the agent will also talk you through the whole purchase and transfer process step by step from start to finish and at the end none of your questions should be left unanswered in Dubai the buyer who is paying the agent's commission which is two percent off the property value signed Formby which is the buyer and agents agreement enables the agents to represent you during the upcoming negotiations with the Senate if you are not a cash buyer ask your agent now for recommendations for mortgage brokers or lenders they trust and work with if you want to get pre-approved at this point preparing your mortgage application will take up some time so now it's best to start the process pre-approval is just one more way to show that you are serious and committed to buying a property show Sellers and agents that you were able to get financing which can give you an advantage of what other buyers who might have a less secure financing typically a pre-approval is only valid for 45 to 19 days after which it needs to be updated and if you're paying in cash make sure that the money is here with you in Dubai at the time of transfer now that you have forth listed some communities and projects you've found your real estate agent and you got your pre-approval in hand now your property hunt will begin to take shape it's time now to see properties in person your agent is setting up a safe search for you that is screening all availabilities as well as off-market property and he will provide you with listings that match your requirements on a regular basis if you've seen listings that you were really really interested in then act on it immediately and tell your agent to set up a viewing ASAP the current market in Dubai it is super important that you check out properties as quick as possible but here I would advise seeing everything that is on the market which matches your requirements the more you see the quicker you recognize the good ones when they come up and also it might be challenging to commit to a property if you don't know everything else on the market even if it is the perfect fit as soon as you find a house that takes all your boxes go for it be confident make an offer why because you have already made a decision to buy so you're all set you have already gone for your funds and financing and you know exactly what you want from that purchase it means with these requirements met you're ready to go unlike many other buyers who got it wrong when they started their search without having their finances ready some are probably facing situations where they fell in love with a property during a viewing but they cannot put an offer on it because they're not confident that they're able to record that property so please don't let that happen to you once you make an offer for your agent the seller then has the opportunity to accept it as is turn it down or negotiate the terms during that phase your agent will constantly be Consulting with you while negotiating on your behalf congratulations your offer got accepted so what's next but wait before we do this if you have found this video helpful so far I think you should subscribe and turn on the notification Bell now back to the transaction types it's possible to buy a property in Dubai but either buying a ready home from an individual seller which we call ready secondary Market or by purchasing an off-plan property which is under construction either direct from a developer which we call primary Market or by purchasing an off-plan property from an individual seller which we call crime rate refill market for all these purchase types the process is straightforward for buying a property from an individual seller be it a ready unit or an Off plan resale once the liar and seller agreed on the price and terms and condition of the purchase both parties assign a so-called mpu which is the memorandum of understanding for two as unified form F5 dld which is the Dubai land Department this form is generated by the agents over the dld rep Tab and registered with a dld at the same time the buyer will be asked to produce the current data check in the name of the seller at the 10 deposit and proof of commitment as well as post data check in the name of the broker's company for the agency commission which is in general two percent the seller then applies for the NOC for transfer which is a no objection certificate with a developer this is needed to ensure that there are no do payments for service charges against property upon receiving this NOC the seller is ready for transfer upon signing the mou a pre-approved buyer now initiates the mortgage process which includes evaluation or appraisal the day of transfer seller and buyer and their agent and in case of a mortgage the lender is representative needed the trustee office where the buyer or lender pays the full property purchase price as well as the four percent dld registration fee the official transfer of the title deed onto the buyer's name takes place now if a mortgage is involved the mortgage will be registered with DOD as well as an average a secondary or resell Market property transaction in Dubai takes about 30 days from the date of signing the mou buying an off-plan property from a developer is straightforward to upon selecting a specific unit the buyer fills out the reservation form which mentions all property details such as unit size price estimated completion date and the terms of the payment plan and he pays a reservation fee which differs among developers upon receiving the buyer's down payment as well as the four percent DOD registration fee the developer generates the spa which is the legally binding sales purchase agreement which must be signed by both parties once the SBA is signed and 25 of the property price is paid the purchase will be registered in the so-called interim real estate register called the dld the proof of such registration is called a code we which functions as a preliminary title lead as soon as the property is ready and piped the crude becomes a tight Elite in the name of the property owner Sonia will find another video here on this channel covering all related closing costs and if you're wondering why the rich buy Dubai properties and why is it a good place for you too then watch this video foreign