Purchasing or disposing of a property in Dubai isn’t simply about locating the ideal space; it also necessitates maneuvering through intricate legal procedures. The conveyancing phase could be intimidating, which is why we offer an all-inclusive conveyancing service to ensure a smooth and hassle-free transaction, providing you with a sense of security throughout the process.
Sales Conveyancing
The initial stage in the lawful process of acquiring property or land involves signing a standardized contract, typically referred to as ‘form f’. This form is digital and is dispatched through the Dubai Land Department’s official website. It encompasses the specifics of the purchase, such as requirements, duties, and related expenses. Withdrawing from the agreement can be expensive, hence the importance of engaging a seasoned conveyancer to provide proper guidance.
If the purchaser is financing the property through a mortgage, it is a requirement to have the property valued. This is a mandatory condition set by the bank prior to approving a loan on the property. The seller has the responsibility of ensuring that the property is accessible for the valuation. Once the valuation is successfully conducted, the value of the property is reported to the buyer’s bank. Based on this valuation, the bank then decides on the mortgage offer for the buyer.
In the event of the seller possessing an existing mortgage on the property, it will be necessary for them to secure a liability letter from their banking institution. This document will detail the remaining mortgage balance. The bank may require up to 14 working days to issue this letter, which typically remains valid for a duration of 7 to 15 working days.
The blocking process is a crucial step in safeguarding the purchasing party, typically implemented when the transaction is cash-based. This service, provided by the Dubai Land Department, essentially involves the appointment of a trustee office that acts as a representative for both the buyer and seller. The trustee is responsible for preparing and managing all documents and payments tied to the sale. Once the seller’s obligations have been fulfilled and clearance documents from the bank are received, the trustee informs both parties to complete the transaction. This procedure mitigates any monetary risks for both the buyer and the seller.
Per the guidance of the conveyancer, it is necessary to prepare a manager’s cheque, which serves as a secure form of payment on the transfer day. If the purchase is being made in cash, the buyer will arrange the entire amount due to the seller. In a scenario where the buyer is obtaining a mortgage, the bank usually provides a manager’s cheque for the loan-to-value ratio they’re offering. Lastly, if there is an existing mortgage, two manager’s cheques should be prepared – one to clear the seller’s mortgage and another with the leftover balance for the seller.
The abbreviation NOC stands for Non Objection Certificate. If a property is being resold, it is necessary to obtain this certificate from the property developer. The NOC verifies that all dues have been cleared and the property is eligible for sale. Since service charges are prepaid, the buyer will have to compensate the seller for the relevant charges at the time of property transfer. Both the buyer and the seller will receive a copy of the NOC from the developer.
Once the date is agreed upon, we’ll facilitate the transfer process at the Dubai Land Department. Our team will guide you through every step, ensuring funds are ready, cheques are issued, service charges and rental payments are paid, fingerprints are obtained, a new title deed is created, and keys are swapped.
We will send a copy of the No Objection Certificate (NOC) to the buyer’s bank to confirm a property transfer date.
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