“Freehold property refers to the type of property purchase, where the buyer owns the plot as well as the unit. He/She is the landowner and has the title deed under his name. An heir can inherit a freehold property from the title deed holder. The owner of a freehold property is entitled to lease, occupy or sell his/her property. The owner can use the property for any purpose as long as it is in accordance with the local rules and regulations.
Freehold properties were introduced here to encourage foreign investment in Dubai and the most popular freehold areas for expats to purchase property, include down town,Dubai Marina, Emirates Hills, Al Barsha, and Palm Jumeirah.
An off-plan property refers to a property whose construction is yet to begin or is in its preliminary stages of construction.
DLD is the abbreviation for Dubai Land Department. It is the regulatory body by the government that deals with all property and real estate related legislation, organization, and services for any real estate transactions in Dubai.
A DLD Waiver is the waiver of the DLD fee that is levied on property purchase. The DLD Fee is 4% of the property value and is payable by the buyer. Ergo a DLD Waiver means the buyer does not pay this fee and it is instead paid by the developer.
Freehold means complete ownership of the property by the buyer who will have his name on the title deed. Whereas leasehold refers to having the property on lease for a period of more than 10 years and up to 99 years. It cannot be bought completely.
RERA stands for Real Estate Regulatory Agency and is part of the DLD that takes care of the regulations in the real estate industry in Dubai. It is in charge of handling relationship between all parties of a contract and organises the exchange process of the properties.
DEWA is the abbreviation for Dubai Electricity and Water Authority. It is in charge of the electricity and water supply in Dubai.
Ejari is an Arabic word meaning ‘my rent’. It is an electronic online registration system for the regulation and registration of every tenancy contract in Dubai. It is the system used to document all rental transactions and make sure all contracts are done legally. The Ejari system makes the Dubai rental market one of the most regulated markets in the world.
A tenant needs to provide a valid passport and a valid Residence Visa copy. The original copies of both the documents have to be produced and presented by the tenant to the Property Broker. If it is a Corporate Tenant, he will have to provide a valid Trade License, General Manager’s Passport Copy(if he is signing the the Agreement) and valid passport of the Occupant.
Yes, the tenancy contract has to be registered with Ejari to make it a valid contract. No claims can be considered without this, as per the Law.
Yes, as a tenant, you can terminate your tenancy contract, as long as you notify your landlord 2 months in advance and you will have to pay 2 months rent as cancellation from the day of vacating the property and you have to settle all the utility bills.
No, landlords cannot disconnect DEWA, Empower and any other utility service in order to make the tenant vacate the property.
The buyer and the seller sign an MOU if it is a property purchase from a reseller. The Memorandum of Understanding is an agreement between the reseller and the buyer about the terms and conditions of the sale transaction.
If buying a property directly from the developer, the SPA is signed. The Sales Purchase Agreement, or SPA, is an important document you sign with the developer that has all the agreed terms and conditions about the sale transaction.
Buyers/owners of properties can get a legal proxy with a proper and duly legalized power of attorney. This person with the POA can have the right to dispose the properties on behalf of the client, as mentioned in the POA. The POA is valid for purposes like sale, mortgage, and gifting and is valid for a period of 2 years. In case of purchasing with a POA, the said POA is valid for 5 years from the date of notarization at the notary public
Yes, you can sell an off-plan property before its completion date.
The documents required for listing a property with Boville Estate:
A buyer is eligible for UAE investor visa if his total investment is AED 750K or above in one of maximum three properties.
No, if you are a resident abroad, you do not have to pay any tax.
A mortgage broker always provide a variety of options and unbiased opinion on the mortgages available. Contact us to get the best mortgage rates.
Yes you can mortgage a property in Dubai.
Yes, any nationality can own freehold property in designated freehold areas in Dubai and an heir can inherit it.
An escrow account is that which acts as a third-party funding medium wherein the merchant receives access to the transferred money (by the buyer), once an escrow agreement has been fulfilled. If the agreement is not fulfilled by the merchant, the fund is then returned to the buyer.
In UAE’s real estate market, an escrow account has a very particular function. The developers of the various projects have to open different escrow accounts for every project, as per the Escrow Account Law in UAE. It protects the buyers funds and regulates the funding that the developers receive from the buyers in order to construct the projects.