Dubai Property Registration
Dubai is the dream of every person to visit and to live because it is well developed, civilized, well constructed roads tall building, amazing shopping malls and marvelous parks.
Dubai is the modern gateway between the east and west of the world. Dubai is the center for all the top investors of the world who want to invest money in buying properties.
Many expats from every country are residing in UAE either with their families or without families. Most of the expats lives in rented villas ar apartments but some well settled expats who wish to have their own property in UAE this is also possible you can buy property in Dubai with proper registration.
As their is increasing demand of Dubai property and profitability in the real estate industry many people either residing in Dubai or outside it are emerging to buy property. Property prices are different for different type of properties according to their structure.
Here we are to tell you about the full detail of property registration it types ,procedure, its requirements and its fee also.
TCA:
All property buyers in Dubai requires to know the total acquisition cost (TCA) of the property. The TCA is one of the major and important things to know before buying property in Dubai. In many cases many investors aren’t aware of these extra costs associated with the purchase over and above the total cost of buying a flat or any real estate.
If you are also planning to buy property in Dubai than you should know about all the charges associated with the overall property purchase.
Additional Fees for Buying Property in Dubai:
1-Property Transfer and Registration Fees:
In Dubai you cant directly sell or buy a property you will have to consult with the real estate agent .Real estate market in Dubai has the responsibility to protect buyer and seller that why you pay some fee or commission to the real estate agent.
Therefore you needs to pay upfront fees which is different from the cost of the property itself. The upfront fees may depend on the type of property and therefore be different for different areas and property types.
Fee For Property Buying In Dubai:
It includes Dubai Land Department (DLD) fees. It can be explained as a one-time tax that you have to pay to the government.
DLD fee is 4% of the total price of the property. DLD fees in Dubai is a fee that is legally paid by both the buyer and seller which is 50% each. But in most cases, it is fully paid by the property buyer.
In addition to the DLD fee you also have to pay the registration fee which is according to the value of thr property.The buyers who are buying the property through the bank loans also have to pay the mortage fee along woth the DLD fee.
Here we will show you the division of tranfer and registration fee.
• DLD Fees is 4% of the property price + Admin fees that is AED 580 for apartments and offices, AED 430 for land, AED 40 for off-plan its different for different types of property.
•Registration Fees for properties that are valued below AED 500,000 = AED 2000 + 5% VAT
• Registration Fees for properties that are valued above AED 500,000 = AED 4000 + 5% VAT
• Mortgage registration fees Dubai Land Department = Up to 0.25% of loan amount + AED 290
NOTE:
Both buyers and sellers have to keep in mind that the DLD has to be critically paid with in 60 days otherwise the purchase stand would be cancelled. The buyers not taking bank loans don’t need to pay any mortgage fee.
2- AGENCY FEE:
As we have mentioned above that you have to buy or sell property through real estate agency than it is clear that you will also pay their commission also. You should search for a wise and experienced agent who will help you to take wise and beneficial decisions.
Now after fees detail I will tell you about some details of requirements and procedure:
Requirements:
- A Sales & Purchase Agreement that is known as SPA is required.
- Both parties must be present at the DLD .
- Passport is needed its copy and original also.
- Original title deed.
- Original NOC from the developer is required.
- Sales & Purchase Agreement that is certificate of property ownership.
- Manager’s cheque in the seller’s name required.
Procedure:
To buy or sell property in Dubai you have to follow the following steps:
- First of all the buyer and seller both will visit the DLD together to register the sale of the property.
- The buyer will than show his passport and full contact details.
- The next step is that the buyer and seller both will proceed to the registration desk where the seller will receive payment from the buyer for the amount of the sale in front of a DLD official.
- Then after the payment the details of the sale are entered into an e-form which has to be signed by both parties. Through this the sale will be registered with the department.
- Both the seller and buyer will pay the service fee to the cashier. The new title deed is issued in the buyer’s name, along with a map location of the property.
- The process is usually quite easy and hassle free buy if the DLD has a question about the value of the proposed sale. In this case the buyer and seller will be referred to the appraisal division where the staff will re-appraise the value of the property.
This was over all information about property registration in Dubai I hope this will If you be helpful for and you will learn much from it!
