It is a common question that the property buyers are stuck to- ‘I want to buy a house, where do I start?’ or ‘I want to buy a house, where do I begin?’ Buying a property seems to be such a load of work- a literally complicated process. And, more often than not, the buyers feels too confused, overwhelmed and helpless with the idea of buying property. There seems to be so many things to do. Usually they go ‘so, I want to buy a house, what do I do now, Where do I start?’
The situation is totally understandable. Every buyer has been there- at that confusing state with endless questions in mind.
Starting to clear the mess, first thing buyers need to believe is buying a property is not that much a complicated process if done with a bit of planning and understanding- at least not in case of buying a house in Dubai. Especially in context of buying a house under individual ownership, the process is pretty lot easy to handle. No brain taxing stuff is involved with it. So for everyone who is wondering ‘I want to buy a house, where do I start?, read on.
‘What to do if I want to buy a house?’- here is what buyers need to do.
As an answer to the common question, ‘I want to buy a house in Dubai, where do I start?’, buyers can start by making an estimate of a decent budget and doing the research on properties or houses that are on sale in various parts Dubai. Doing a decent bit of research through various online and offline sources will ensure that the buyer do not regret his or her decisions later on and would ensure that the buyer is making an informed, known decision. There are numerous property sites offering an insight to countless properties on sale in various corners of Dubai. Doing a bit of research online itself can offer a good bulk of information to buyers. Property seekers can even take suggestions and ask assistance from friends or relatives living in Dubai for finding best property alternatives. If property seekers, by any reason, are unable to conduct the research themselves, they can delegate the task to a real estate agent or broker. There are numerous individual and joint or organised real estate brokers and agencies in Dubai who are always up to assist if someone wants to buy a house or property in Dubai. Buyers can always consult them. One thing that buyers need to keep in mind while hiring a real estate broker is that buyers should consider checking the licenses they hold. No real estate agent in Dubai is allowed to conduct property brokerage without license. So buyers should only hire if they find them reliable and holding licenses. Also note that Real estate agents charge a particular proportion of the purchase value (generally 2 per cent of the amount) as the real estate agent commission.
The next stage for the buyers who have decided and are thinking ‘I want to buy a house in Dubai, where to begin now?’ is discussing and finalising the deal with the property owner. Seller would explain his terms of sale. Buyers can make negotiations related to payment amount and payment terms or other terms of purchase. If the terms and costing are acceptable for both the parties, buyer and seller can agree on the property transaction and can move to the next phase of property purchase, that is signing the Memorandum of Understanding (referred to as MoU).
Memorandum of Understanding or MoU is a legal document that both the parties need to draft and sign together, showing an agreement of property transaction between them. MoU would list out all the details of the agreement made by both the parties and the terms discussed by them. While it is a necessary step in property purchase to sign MoU, it may not be binding on parties. In other words, though it is a legal document, it lacks binding effect. So if even buyer go ‘I want to buy another house, what do I do now’ and want to cancel the agreement to consider other property, it is possible. A recommendation here for the buyers is that if they are buying a property under construction, or an off-plan property, they must take note for including in the agreement, the date by which the construction is expected to be finished, and also, the compensation amount in case the project is not completed by the expected date. This can be quite beneficial and crucial for the buyer.
Once the memorandum is signed, both the parties have to meet conveniently with the developer to apply for an NOC that is, a No Objection Certificate. It is equally important in a property transaction as well. While applying for NOC, a small fee is payable in this respect.
For the buyers who have been wondering what documents are necessary if I want to buy a house in Dubai? In the process, the basic documents required might be the identity proofs and/or passports, visa etc. of the buyer and ownership titles, ids etc. of the seller. Developer would, in most cases, issue the NOC without much delay once the dues to developer are cleared and necessary documents are produced.
The last stage in the process if you want to buy a house in Dubai is transferring the ownership titles. All the property transfer and transactions are finalised, executed as well as controlled by the Dubai Land Department. The department is empowered for the same legally. The same institution shall be transferring the ownership title in favour of the buyer. So, for this purpose, both the parties- the buyer as well as the seller needs to meet at the Dubai Land Department and meet all the formalities. The department insists buyers to pay the consideration of sale on the date of transfer itself. Formalities can be a bit different and a little complex if buyer is looking for availing mortgage loans.
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