Buying A Property From the Secondary Market with a cash payment
The Dubai real estate market in Dubai is rich and diverse and provides an immense number of options of property for sale in Dubai that vary according to different criteria, in terms of type, locations, views, construction status and price range, giving the opportunity to many buyers whatever aspirations, needs and potentials they have, to find the property for sale in Dubai that suits them.
It is not a secret to anyone how the more options you have the more confusion you’ll face before taking a decision, especially when it comes to such an important matter like buying a new property for sale in Dubai. It is a serious commitment that is not to be taken without research and deliberation. People tend to take their time in taking it and collect as much information as they can about the real estate market and properties So they can make an informed decision.
In a previous article, we talked about choosing the perfect property for sale in Dubai that suits you, for more information please click here, and about the factors that must be taken into consideration when making the decision to buy your future home or your next Dubai real estate investment. Among the factors that affect the decision is the state of the property whether it is ready or under construction which maybe a priority to some, while other factors would be more so to other buyers. You may find waiting for a certain period of time for the construction to be done and the property handed over, is an acceptable option giving that you’ll be living in a home that meets all your requirements in an affordable price compared to ready properties with the same advantages. the difference in price between the price of ready and off-plan properties allows the buyer to choose to buy a property for sale in Dubai in a better area, with a larger size, or more services than they can have with buying a ready property within the same price range.
There are several reasons why purchasing a ready to move in property from the Dubai real estate market is a priority for some buyers, and whatever privileges the off-plan property for sale in Dubai would offer, it can’t be a consideration for these buyers. If the buyer is an investor who wants to buy a property to rent, then buying a ready property is the most suitable option, or if the buyer is a person who wants to settle in his own home within a short period of time in this case waiting for a project to be completed wouldn’t be there best option.
Other buyers won’t consider buying an off-plan property that they can’t see on reality, and they prefer visiting the property to examine it closely and see the designs and finishes as they are instead of seeing paper plans of the project that show the expected final result rather than real product. All those are factors, a person takes into account and evaluates in order to choose the property that suits their needs, lifestyle and future plans. To find out more on how to choose a ready-to-move-in property for sale in Dubai click here.
Upon the decision to purchase a ready-to-move-in property, you will find that you have two options to look into, either to buy a property directly from one of the real estate developers in Dubai, or buy a second hand property, and these are properties that are resold by their owners.
Let’s say that you made your decision on buying your new property form an individual seller rather than buying from a Dubai real estate developer, how would you proceed with the purchase procedures?
Buying a ready property from an individual buyer with a cash payment goes through a simple procedure of four steps:
First, you need to choose the property you want to buy by browsing Manzili site and choose to display ready-to-move-in properties only to see all the details related to it, it is necessary that you choose the property you want with the assistance of a specialized real estate consultant who is aware of all the offers and projects so that it offers you an informed advice based on experience in the Dubai real estate market. This will have a great impact in facilitating the buying process for you and saving you a lot of time, effort and research to proceed with the following steps.
Next step would be signing an MOU or Memorandum of Understanding, and you can download the official application form from the Dubai Land Department website where it could be found with the title “contract F”. MOU is a final agreement of sale but it’s not the official sale and purchase contract. Upon signing the MOU, you need to pay a down payment of 10% from the total value of the property unless agreed on something else.
The following step is asking for a NOC issued by the project developer and it’s essential to do so in order to transfer the ownership, and to clear the status of the property before taking any further steps in terms of financial obligations of all sorts including service fees or other payments.
Last step, is visiting the Dubai Land Department office to transfer the ownership, and at this stage you need to make the full payment of the property. The payment must be completed in the form of a manager’s cheque. Then, a title deed would be issued to your name and you become the actual owner of the property.
If you want to buy this kind of property through a mortgage you will need to follow some extra steps regarding the bank involvement.
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