Residential Buyers Checklist

Residential Buyers Checklist

borrow

Step 1: Find out how much you can borrow

If you’re looking at setting up a mortgage on your property, you need to know what value you qualify for. This is dependent on your income and the type of mortgage you want.

 

 

 

 

 

confirm

Step 2: Confirm why you want to buy

Are you looking to buy to rent as an investment or secure long term capital appreciation as an end user? Figuring this out will help you select the type of property you wish to buy along with choosing the right location.

 

 

 

 

 

 

local bank account

Step 3: Set up a local bank account

You'll need one during and after the purchasing process.

 

 

 

 

 

 

fees

Step 4: Know all of the fees

Ask your consultant about all the fees and charges applicable additional to the basic property price advertised.

 

 

 

 

 

 

 

zone

Step 5: Zone in on the right property

This will depend on a) whether you plan to live in your property long term b) where you really want to live c) what you can afford or d) what’s right for your investment.

 

 

 

 

 

 

price check

Step 6: Carry out a price check

Conduct some research on prices for comparable properties in the area you’re looking to purchase at so that you don't pay over the odds.

 

 

 

 

 

 

important property

Step 7: Make a list of what property features are important for you

Its rare to find perfection, so keep to your list and don’t lose focus of what’s important. Bring a notepad to each viewing, and take photos for reference. Make a snag list to ensure all issues are addressed by the seller.

 

 

 

 

 

 

organized

Step 8: Get organized

For an individual buyer:

1. Passports | 2. Signed Buyer Agreement known as Form B

For a company:

1. Certificate of Incorporation | 2. Memorandum and Articles of Association | 3. Board Resolution | 4. Power of Attorney | 5. Signed Buyer Agreement known as Form B

For an overseas company:

1. All of the above must be attested by the UAE Embassy | 2. Signed Buyer Agreement known as Form B

 

 

make offer

Step 9: Make an offer

Once you have identified a property you’re interested in, submit your offer to the consultant who will then communicate your offer to the seller.

 

 

 

 

 

 

offer agree

Step 10: Offer agreed

If your offer is accepted, you’ll need to submit a copy of your passport to your agent to start drawing up the buying process.

 

 

 

 

 

 

terms

Step 11: Understand the terms

Ensure you understand the commitments you're taking on prior to signing.

 

 

 

 

 

 

land department

Step 12: Register the title at the Land Department

Ask your consultant when you can expect to receive the full title deed, which usually takes a few months to process. When these documents have been completed and returned by the local registry office, you will officially become a property owner in Dubai.

 

 

 

 

 

local advice

Step 13: Get legal advice

At the stage of drafting the Sales & Purchase Agreement (SPA), consult a lawyer.

 

 

 

 

 

 

 

payment-deadline

Step 14: Payment deadlines

Be sure you can commit to the transfer date and final payment before you make a deposit.

 

 

 

 

 

 



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