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General Guide for Buying a Residential Property

General Guide for Buying a Residential Property

Home > Residential > General Guide for Buying a Residential Property

Timetable


Description
Time Frame
 
Foreign currency transfer
up to 10 days
Arranging finance
up to 45 days
Developer transfer
up to 10 days
Land registration process (if applicable)
up to 45 days

Fees


Fees
Cost
 
Agency fee (% of selling price)
1%
 
Transfer fees
Cost
Property that is registered with the Land Department (% of Land Department's valuation of property)
1%
Property that is not registered with the Land Department (Developer fee applies)
up to 3%
Maintenance fee payable at time of transfer
up to 3%
Arranging finance
up to 45 days
Developer transfer
up to 10 days
Land registration process (if applicable)
up to 45 days
Financed properties
Cost
Property that is registered with the Land Department  (% of Land Department's valuation of property)
1%
Arrangement fee (% of loan amount)
up to 1%
Registration of mortgage with the Land Department  (% of loan amount)
0.25%
Registration of mortgage with the developer
up to AED 5,000

Required Documentation


By a Developer
  • Passport copy
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By a Company
    • Certificate of Incorporation
    • Memorandum and Articles of Association
    • Board Resolution
    • Power of Attorney
By a Financial Institution
(if applicable)
    • Passport copy
    • Proof of residence
    • Salary certificate
    • Six months bank statements

Please Note: For an overseas company, all of the above must be attested by the UAE Embassy. Requirements will vary from lender to lender.

Better Homes Services


  • Residential Sales & Leasing
  • International Sales
  • Better Plus
    • Commercial Sales & Leasing
    • Property Management
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    • Short-term Rentals
    • Project Sales & Marketing
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Additional Services


  • Mortgage brokerage
  • Property valuations
    • International money transfers
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    • Relocation services
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DEWA (Dubai Electricity & Water Authority)


For details of connections and transfers, visit www.dewa.gov.ae or call +971 4 324 4444.

Disclaimer

This information is provided as a general guide only. All specific details need to be confirmed with the individual organisations at the time of buying a property.
+971 4 344 7714
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