Investment in real estate is one of the most popular forms of investment all across the globe. As human beings we all want to see the increasing value of our purchase in front of our own eyes. Real estate can be used for both commercial and private purposes like business sites or as a residential home respectively. However, as an expat in the UAE, purchasing and using real estate can be quite a complex process that comes with several important steps.
So let us now go through the steps to see how you can buy real estate and avoid any legal issues arising from doing so-
Understand your purchasing position as an Expat
Many individuals and businesses are of the opinion that having funds to purchase a property in Dubai is enough to qualify as a potential real estate owner. But you need to enquire about the requirements to be eligible to purchase a property according to UAE’s law. There are some unique legal statutes that govern who can own land and who cannot. Therefore, here, you need to consult the top best lawyers in Dubai who can make things work your way. Lawyers know everything about the law and they can help you purchase the property you want in Dubai without by abiding to UAE laws and regulations.
Fill all Dubai Land Department Real Estate Purchasing Procedures
Dubai Land Department is the most important body in real estate and land in Dubai. This body decides the individuals who are eligi9ble to become real estate owners in the country. Moreover, it also determines when and how real estate can transfer ownership therefore being the protagonist dealing with all the legal matters in Dubai. Therefore, completing all due processes with DLD can help you own your real estate without any legal impediments.
Ensure Legal and Real Documentation
Before purchasing any real estate, it is very critical to validate the ownership with the seller and find out whether they have the authority to sell off a particular piece of real estate. Moreover, it is also important to view the original title deed of any land and also determine whether the project is actually active or not.
Search for areas where you can buy real estate
In UAE, there are areas designated where the expats may own a real estate or have their leases. These areas include Palm Jumeirah, Burj Khalifa, Dubai MARINA, Discovery Gardens, and International city among the others. However, a caution of the rules concerning the real estate ownership in the above mentioned areas is that the expats and their businesses can include a free zone company in Dubai, but they must register the real estate only in the name of the company created.
The Purchase Procedure
To purchase a real estate in UAE, the process is quite simple once the non-UAE national has identified a suitable piece of land that caters to all the legal requirements. The purchasing process includes payment of deposit for the real estate sector after approaching the developers and paying a fixed percentage of the sales price. Eventually, the seller can then proceed to change the title deed depending on whether or not they receive a non-objection certificate for that particular real estate.
To conclude, it is very important to research and make sure that the piece of land you wish to purchase has been legally acquired both on your part as a buyer and on the part as a seller. By consulting the top best lawyers in Dubai, you are likely to avoid legal troubles concerning your land ownership. So what are you waiting for? Go purchase your dream land in UAE!