TERMINOLOGY

OQOOD: Off-Plan (Under-Construction) Properties are registered in the OQOOD system. This is the off-plan counterpart of the Title Deed.
Title Deed: This is the ownership certificate. It is issued by Dubai Land Department on the transfer of a fully constructed property.
Owner Association: It is a non-profit organization comprising of all the owners of a jointly owned property. The association is responsible for Management, Operation and Maintenance of the jointly owned areas.
MOLLAK: It is an online registration system for Owners Associations which can be used for various purposes such as collecting maintenance charges, etc.
DLD: The Dubai Land Department is responsible for managing, regulating and promoting the real estate sector.
RT: Registration Trustees are appointed by the DLD to conduct real estate property transfers on its behalf.
Blocking: In case of a cash buyer and a mortgaged property, blocking is a service offered by DLD to protect buyers who agree to settle seller’s mortgage before transfer.

Things to Remember
1. The broker will be able to find you a suitable property only if you mention your needs accurately.
2. Viewing too many properties is the perfect recipe for confusion.
3. The NOC charges are usually payable by the seller.
4. The DLD transfer fees and RT registration fees are payable as agreed by the buyer and the seller.
5. A mortgaged property cannot be transferred unless the mortgage is settled.
6. Blocking a property with DLD protects the buyer against fraudulent sellers.
7. Pre-approval letter helps you in defining the buyer’s budget and also gets them more leverage during negotiations.
8. The buyer’s contribution to the purchase price should at least be 25%.
9. The 0.25% mortgage registration charges are payable by the buyer.
10. The original Title Deed will be held by the bank until the full loan amount is settled. In case of Islamic Banks, the Title Deed will be issued in the bank’s name and you will be mentioned as the tenant.