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- UAE is the land of opportunities for investors. Emirates has been a center to direct foreign investment due to its stability and its favorable policies. One of the major investors in the United Arab Emirates is the Real Estate sector. In the United Arab Emirates, a non-resident can attain a UAE visa by investing in the country. Once the criteria are met, a non-resident buyer can easily get a long-term UAE visa.
- Please do not forget to book the legal appointment with Top Emirati Lawyers like Al Shaiba Advocates and Legal Consultants – Ask The Law.
- This is administered by a set of legislation that defines the criteria and deals with land ownership matters. Although, every state in United Arab Emirates has its own set of regulations regarding the buying and selling of land. If we look into detail we will see that there are specifications that need to be met to purchase property in the UAE. Moreover, anyone from any background can easily buy property in the UAE without any hurdles.
- As per the law, those who are citizens of UAE or GCC Citizens or Organizations that are fully owned have the right to hold freehold property in UAE. Furthermore, they can buy Real Estate and can acquire Real Estate interest.
- In Dubai, This may include usufruct, Musataha, and long-term leases of up to 99 years. They are also allowed to acquire property anywhere in Dubai in Public joint stock corporations. Non-citizen individuals and companies in UAE can own freehold title, usufruct rights, and long-period leases of 99 years.
- Any property transferred must be documented. There is a compulsion of legal registration between the parties to transfer property of any kind. Additionally, all the activities associated with the transfer, modification, formation, and withdrawal of property rights are legitimate once they are properly registered. The absence of registration will make it void.
- In the Dubai government title deed is the sole evidence of an individual’s right over the property. There is an adequate process that should be followed in Dubai for the registration and transfer of property.
- Firstly, due diligence is important to fully authorize the property. An investigation is carried out to make sure the seller has the right to sell the property. A detailed review of the title records along with personal scrutiny of property takes place that falls under the due diligence exercise.
- The contract terms must be agreed upon by both parties involved. The terms are narrated in a memorandum for mutual understanding between the buyer and seller. The document also contains the expiration date along with the effectiveness until it is sold out. This also depends on the successful execution of due diligence.
- All the relevant details of the buyer, seller, and property itself are inculcated into the contract. The sale contract also contains the purchase price, applicable regulation dispute resolution process, termination clause, and much more.
- The very next step is the issuance of a No Objection Request (NOC). The buyer and the seller will organize a meeting with the assistance of a third party which is normally a real estate agent or developer. The certificate of NOC is requested and bought. Real estate developers will issue a NOC against a fee.
- Last but not the least, the Transfer of ownership with the Dubai Land Department is the final move. The buyer and seller meet at the Dubai Land Department. There the transfer will take place once the NOC is received.
- We also recommend that always consult the Lawyers and Legal Consultants first like Ask The Law – Al Shaiba Advocates and Legal Consultants. These Advocates and Legal Consultants, do have the updated and modern knowledge and they can provide the advice which is updated and quite recent.
