Buying property includes a few legal steps that must be followed to complete the process smoothly. These steps apply to anyone investing in new projects in Dubai and are designed to make the transaction clear and safe.
Check the property status:
Before starting anything, it is better to check if the property is registered. Ensure the project is approved by the proper authorities. This helps you know the status of the land and if the project is allowed to be built on it.
Verify the developer’s details:
Always check if the developer has a valid registration. Developers should be listed in official records. It is also useful to check if the project has a completion date and that the payment plan is officially registered.
Know the payment rules:
Payments for off-plan properties usually follow a set plan. These payments are made in steps as the project progresses. The money is often kept in a separate account known as an escrow account. This account is monitored, and funds are only used for the project.
Get a sales agreement:
When you agree to buy, you should receive a sales and purchase agreement. This document includes the payment schedule, delivery time, and property details. It must be clear, signed, and match the official terms registered with the local authority.
Understand ownership rights:
There are different types of ownership depending on your status. Some buyers are eligible for full ownership, while others may only be allowed leasehold in certain areas. It’s better to be aware of this before signing any document.
Submit all necessary documents:
To move forward with the process, the buyer must submit a few personal documents. These usually include a copy of the passport, proof of address, and sometimes financial records. These are necessary for identity verification and keeping records up to date.
Register the property:
Once the transaction is completed, the new ownership must be registered. This step is done at the official land department. A small fee is usually involved. Once registered, the buyer receives an official certificate that confirms ownership.
Following the correct legal steps when investing in a new property project keeps the process clear and steady. From verifying the developer to signing the final paperwork, each stage adds a layer of security. Staying informed about these steps leads to a smoother experience for any buyer.
