Investing these days is important. Whether you have an on-shore or off-shore property, you should know that your money is not wasted. The United Arab Emirates (UAE) is a great country to look for the best investment opportunities. As for the real estate laws, investing in the UAE’s real estate is safe because of tax exemption and political stability. Among UAE, Dubai properties are the hot talk. Investors across the globe, like to invest in Dubai.
Therefore the Dubai real estate market is booming and the lawyers are also a great help here. Lawyers by trusted Law Firms e.g. Dubai Law Firms are needed to sort out the real estate matters in Dubai and UAE. For example SPA, advise on the process of buying, legal documentation, etc.
Is Buying Property Complicated in the UAE?
Certainly not! Buying real estate in the UAE is not a big problem. However, the laws are complicated, making it difficult to understand the investment opportunity. Therefore, you will need a lawyer to ensure you can easily buy the property by managing all the paperwork and completing the legal requirements. Lawyers in Dubai if allowed to practice in all the Emirates, then the best legal support to overcome any sort of complication.
What are Ownership Restrictions in UAE Property Law?
When you purchase a property in the UAE, you have two property rights: long-term leases and ‘freehold’. The UAE government governs the long-term leases, whereas ‘freehold’ allows you to own the property yourself. Other property rights exist between freehold and government-leased property.
Dedicated Land Areas
People are allowed to buy properties in a few areas, known as ‘freehold’ properties. However, the UAE government has properties that are known as long-term leases. Therefore, you should invest in properties that the government does not own. Let a real estate lawyer help you choose properties that suit your budget and requirements.
Is the Property Legal?
When buying a property in the UAE, buyers must ensure that the property is not disputed and has a clear legal status. They should also check the documents to ensure that the right owner is selling the property.
Deposit to Secure Property
The buyer must make a 10% deposit per the property value calculation to secure the property. Failure to do so means that the buyer cannot afford to have the property that they want.
How Do I Proceed for Finance?
When you are planning to purchase a property in the UAE, you should ensure the finance is adequate to buy the property, whether through a mortgage or any other financing plan.
Carefully Buy the Property
The buyer should buy the property very carefully in the UAE. This means that the ownership of the property and its legal status shall be checked to ensure that there is no issue with that piece of land and that the rightful owner of the property can sell it.
Read the Contracts and Agreements
Before you buy a property, it is important to read the contract and agreement to ensure that all laws regarding land purchases are compliant. The agreement should have all the details about how the purchase will happen, the payment, and the delivery date.
Property Registration and Transfer
When you have bought the property, the next step is to register it and transfer ownership as per UAE real estate laws. There is a procedure to follow to transfer ownership. The procedure includes different property-related fees, which range from 2% to 7% of the purchasing cost.
How to Get a Successful Transfer of Property in the UAE?
When unsure about investing in the UAE’s real estate, you should hire a property lawyer. They will investigate the matter, ensure that the property is undisputed, and transfer it to you through a legal process. You are advised to hire a lawyer to ensure your property is legally transferred to you.
