1. Pre-Approval for Mortgage
Why: Pre-approval gives you a clear understanding of your budget and demonstrates financial readiness to sellers.
How to Get Pre-Approved:
- Submit proof of income (salary certificate, bank statements, or audited financials for self-employed individuals).
- Provide personal identification documents (passport, visa, and Emirates ID).
- Approach a bank or mortgage broker to initiate the pre-approval process.
Duration: Pre-approval usually lasts 60–90 days.
Pre-approval can take 4 weeks to get, apply sooner rather than later. It's free and puts you in a stronger position as a buyer.
2. Identify the Right Property
Research: Explore listings on trusted property portals like Property Finder or Bayut.
Work with an Agent: Partner with a licensed real estate agent who specializes in the desired area.
View Properties: Shortlist and physically inspect properties that meet your needs and budget.
3. Make an Offer
Negotiate the Price: Work with your agent to negotiate with the seller.
Agreement: Once both parties agree on a price, sign a Memorandum of Understanding (MOU).
Initial Deposit:
- A 10% cheque is handed over to the agent.
- The cheque is not cashed and is held by the agent.
- It is returned to you upon a successful property transfer.
4. Hire a Conveyancer or Legal Advisor
Role: Ensure all legal and procedural requirements are met.
Tasks: Verify title deeds, check for encumbrances, and prepare transfer documents.
5. Secure the Mortgage
Bank Evaluation: The bank will evaluate the property and confirm the mortgage amount based on the property’s valuation.
Down Payment: Prepare the required down payment (usually 20-30% for expatriates and 15% for UAE nationals).
6. Mortgage Disbursement (Property Blocking)
The buyer's bank pays off the seller's bank if the property has an existing mortgage.
This process ensures the seller's mortgage is cleared, and the property is "blocked" for the buyer.
Required documents include:
- Seller's mortgage details
- Agreement on the outstanding mortgage amount
7. NOC from the Developer
The seller obtains a No Objection Certificate (NOC) from the developer, confirming no outstanding service charges on the property.
8. Transfer Ownership
Meet at Dubai Land Department (DLD): Both buyer and seller will complete the transfer process.
Documents Required:
- Original title deed
- Buyer’s Emirates ID and passport
- Seller’s Emirates ID and passport
- NOC from the developer
- Mortgage pre-approval or cash payment proof
Payment of Fees:
- 4% transfer fee to DLD.
- Agency commission (typically 2% of the property value).
New Title Deed: Issued in the buyer's name after successful transfer.
9. Handover of Property
Final Step: Receive keys and ownership documents.
Checklist: Verify that all utility bills and service charges have been settled by the seller before handover.
Benefit from our expert knowledge and find your ideal Dubai property. Contact fäm Properties today.