The property buying process in Dubai involves several steps:
- Property Search and Selection: Start by researching and selecting a property that fits your budget and preferences. You can work with a real estate agent or search online portals.
- Securing Financing: If you require a mortgage, approach banks or financial institutions to understand your financing options and get pre-approval for a loan.
- Signing the Memorandum of Understanding (MoU): Once you have chosen a property, sign the MoU with the seller. This document outlines the terms and conditions of the sale.
- Paying the Deposit: Pay a deposit, usually 5-10% of the property price, to secure the purchase. This amount is typically held in escrow.
- Legal Documentation: Both parties will need to complete the necessary legal documentation, including obtaining a No Objection Certificate (NOC) from the developer if the property is off-plan.
- Transfer of Ownership: The final step is to register the property with the Dubai Land Department (DLD) and pay the transfer fees. Ownership is officially transferred, and you receive the title deed.
