Buying a new property can be a very exciting experience and no matter what the place is, it is always special to one who is buying it. If it is the very first home that one is buying then it is indeed close to the heart.
At present, places to stay in Dubai has very high rent and hence people find it convenient to buy a property there. But before buying Dubai villas there are a lot of things that one has to be clear about. Buying a house or any property is actually a huge investment and so one gas to ensure everything before they plunge into that investment. It is a good idea to check if everything is going right that regret it later. So, take time and research well before buying any property in Dubai.
Here are some major things to keep in mind if one is thinking of buying a house in Dubai:
- First of all one has to make sure that the seller who is selling the property has the right to sell it legally. This is a mandatory check. One must ask to look over all the title deeds so that they can check their name on it and the same name is there on the passport as well.
- Then one has to be very sure about the things like whether the property they are buying are actually free from any kind of tenancy rights, mortgage and charges. This can also be easily verified with an NOC or the no objection certificate.
- The one who is buying a property in Dubai must verify the broker’s card and confirm whether they have proper license and is registered with the Dubai Land Department. This is because each and every broker needs to be registered in Dubai individually and that through the Real Estate Regulatory authority. If that happens, then only a broker has a valid ID card. One can always search about those brokers in the broker market to get the right information.
- Then one has to make sure that whether their finances are covered or not. When it comes to expats, then they are only entitled to borrow up to 75 percent of the property value if the total value of the property is under Dhs 5 million. But yes, the monthly salary of the buyer will be taken into account and the mortgage payment must not go beyond 35 percent of the income. Then only one can go for the registration fees filling and it is almost 1.5 percent of the purchase price.
- One should also have proper clauses in the Memorandum of Understanding. This is also known as MOU. Here, in this document one has to see all the outlines of the terms and conditions that have happened as a sale agreement in between the 2 parties. There has to be a small deposit payment during the time of signing.
So, without checking these thoroughly one must not buy a property in Dubai.