How to Buy an Off-plan Property in Arabian Ranches 2

 
  • How to Buy an Off-plan Property in Arabian Ranches 2


    Arabian Ranches is an exclusive gated community developed by Emaar Properties with approximately 4,000 villas. The villas offer 2 and 5 bedrooms situated in 14 distinct neighborhoods in Phase 1 and 9 neighbourhoods in Phase 2. This desert themed development spans 1,650 acres, boasting an established infrastructure of retail, social, health, educational and recreational facilities. Arabian Ranches 2 contains 9 communities, 2 of which have delivered already:

    1.Casa delivered in 2015

    2. Palma delivered in 2016

    Remaining Communities Expected to Deliver Between 2017 and 2019:

    1. Rasha (June 2017)

    2. Lila (July 2017)

    3. Rosa (July 2017)

    4. Yasmin (August 2017)

    5. Samara (October 2017)

    6. Azalea (November 2018)

    7. Reem Community (December 2019)

    A frequent question asked by clients seeking to buy a property in Arabian Ranches 2 is what’s the process of purchasing a property that is under construction in Arabian Ranches?

    Points to Consider When Buying Off Plan With Emaar?

    1. Buying property by Emaar Properties requires 40% of the original property value to be paid to the developer.

    2. Any late payment fees must be paid in full before Emaar approves a sale transaction of their property.

    3. Every community has a standard payment plan for which the client can inquire about the amount that should have been paid to date by the original property owner. Example: Lila and Rasha community property owners should have paid 90% of property value to date. Samara community property owners should have paid 80% of property value to date. And the list goes on.

    4. Off plan financing is available by certain banks, subject to special terms and conditions. However, most current transactions in Arabian Ranches 2 are cash.

     Valuable Advice for Property Buyers

    1. Find the property that matches your needs in terms of size, price, budget and location. Current sellers are asking their original price or below. Do not be tricked into buying a property which is overpriced. The property is still under construction and no profit is realized now. Single row properties are higher in price compared to back to back units. Single row properties usually have larger plot sizes.

    2. Inquire about the payments submitted by the seller toward Emaar's payment plan. It is essential to know the seller's payment status as some sellers are behind on payments to the developer and are accumulating late payment fees.

    3. Calculate the cash amount needed to be paid for purchasing the property through performing the following calculations:

    a) Calculate the amounts to be paid to Emaar:

    • To pay pending installments (if any)

    • To pay late payment fees (if any)

    • Remaining installments as per the schedule of payments

    b) Calculate the amount to be paid to the seller after deducting amounts calculated above from the agreed selling price.

    c) The three bullet points under section a constitute the total amount to be paid in cash up front.

    4. Once the price is agreed between the seller and buyer, an MOU is signed.

    5. The buyer and seller proceed to Emaar finance department (Emaar Square building 2). The buyer pays on behalf of the seller any pending installments and late payment fees (if applicable, and if seller and buyer agree to do that)

    6. Upon completion of all pending payments, the property is cleared and the seller applies for NOC online through his Emaar account.An NOC at Emaar cost 5,000 dhs for off plan properties (seller and buyer must agree who pays this amount)

    7. The NOC will be generated within 24 hours and sent as an email to the seller and buyer. Once the NOC is received, the buyer and seller can print out a copy and proceed to the registration trustee office (DLD representative office authorized for property sale transactions) to execute the transfer process of the property to the new owner name.

    Tip: As a precaution, if the seller had pending installments that were paid by the buyer on his behalf, it is advised to ask the seller to submit a security deposit of the amount equal to that paid by the buyer on his behalf to Emaar. The cheque is returned to the seller upon successful transfer.




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