EUR
enThe process of buying real estate in the UAE
Over the past couple of years, the number of real estate purchased by foreigners in the UAE has increased rapidly. There are many reasons for this, however, today we want to tell you how the process of buying real estate in the Emirates.
After you have decided on the object of purchase and selected an agent with whom you feel comfortable working, the process of registration of the transaction begins. If you buy housing in a complex under construction, the first step will be the conclusion of the initial contract of sale (Initial Contract of Sale), which is registered in the temporary registry and renegotiated at the end of construction.
Finished housing starts with the signing of a Memorandum of Understanding (Contract F), which is essentially a contract of intent. It specifies the amount of the deposit, the value of the property, the costs of registration and other items.
The next step is to sign the NOS certificate at the office of the construction company. The certificate confirms that the seller (agency) has no debts to the builder.
Important: The sale and purchase agreement shall be drawn up in English and Arabic in the form approved by the Land Department. A certificate of ownership, called in the UAE Title Deed, is also issued by the Land Department.
The only documents required are a passport, visa and proof of residence address in the country. If the transaction is conducted remotely, you need to provide a power of attorney, which can be executed both in a notary office in the UAE and in another country. In the latter case, the power of attorney must be translated into Arabic and certified by the embassy and the Ministry of Foreign Affairs.
If you buy real estate in the UAE with a mortgage loan, you will need a certificate of income for 6 months, cash flow on the current account in the bank for 6 months and a certificate of family composition and the results of the audit for the last year, if the borrower is an individual entrepreneur. These documents will not be required for interest-free installments from the developer.
