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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. Ask the broker to find the market price by using CMA
2. Provide all the necessary information about the property
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 both the parties
7. The seller has to check the buyer’s mortgage pre-approval
8. The buyer’s contribution to the purchase price should at least be 25%
9. Dh1,290 (351$ / 313 €) mortgage release fees is paid by the seller
Viewing Stage:
1. List your property with a broker and sign Form A with him
2. Describe your desired price and ask the broker to find out the market price using CMA
2. Once you agree on an asking price, mention other terms such as viewing arrangements, the scope for negotiations, Power of Attorney (if any), rental status, etc
3. The broker will then propose the best-suited marketing plan and start showing the property
4. Eventually, the broker will start sharing offers with you
5. Once you’re satisfied with an offer, you can accept and move to the transfer stage
Transfer Stage:
1. The first step is to sign the property sales contract also known as Form F with the buyer. There can’t be two Form F signed for the same property
2. The next step is for the broker to collect a security deposit cheque (industry norm is 10%) from the buyer and a cheque of equivalent value payable to the buyer from the seller. The broker holds both the cheques till transfer
3. The next step is to obtain a No Objection Certificate (NOC) from the developer stating that all the seller’s dues are clear. The fee for NOC is usually paid by the seller
4. Once you have the NOC, you can go to the Registration Trustee (RT) to transfer the ownership. RT will charge a registration fee of Dh4,000 (1088 $ / 970 €) for properties above Dh500,000 (136 121 $ / 121 341 €) and Dh2,000 (544 $ / 485 €) for properties below the said amount. It is payable as agreed by the seller and the buyer. During the transfer you have to carry the following in Manager’s cheques:
5. At the same time, you will receive a manager’s cheque for the selling price
6. After completing these formalities, the original Title Deed will be issued by DLD and you will hand over the keys and access cards for the property.
Viewing Stage:
1. List your property with a broker and sign Form A with him
2. Describe your desired price and ask the broker to find out the market price using CMA
2. Once you agree on an asking price, mention other terms such as viewing arrangements, the scope for negotiations, Power of Attorney (if any), rental status, etc. Also mention details about your mortgage like the borrowed amount, outstanding amount, lending bank, etc.
3. The broker will then propose the best-suited marketing plan and start showing the property
4. Eventually, the broker will start sharing offers with you
5. Once you’re satisfied with an offer, you can accept it
Blocking Stage:
1. The first step is to sign the property sales contract also known as Form F with the buyer. There can’t be two Form F signed for the same property
2. A mortgaged property can only be transferred after the loan is settled. At the time of selling, the buyer may settle your debt. DLD provides a service called “Blocking” to protect both parties in such cases. You have to submit the following documents at the RT office:
3. After you submit these documents, DLD hands over the liability amount cheque to the seller so that he can clear the mortgage and get the original Title Deed.
Transfer Stage:
1. The next step is to obtain a No Objection Certificate (NOC) from the developer stating that all the seller’s dues are clear. The fee for NOC is usually paid by the seller
2. Once you have the NOC, you can go back to the RT to transfer the ownership. The RT will charge a registration fee of Dh4,000 (1088 $ / 970 €) for properties above Dh500,000 (136 121 $ / 121 341 €) and Dh2,000 (544 $ / 606 €) for properties below the said amount. It is payable as agreed by the buyer and the seller. The seller will now receive the manager’s cheque for the balance amount submitted earlier to the RT
3. After completing these formalities, the original Title Deed will be issued by DLD and you will hand over the keys and access cards for the property.
Viewing Stage:
1. List your property with a broker and sign Form A with him
2. Describe your desired price and ask the broker to find out the market price using CMA
2. Once you agree on an asking price, mention other terms such as viewing arrangements, the scope for negotiations, Power of Attorney (if any), rental status, etc.
3. The broker will then propose the best-suited marketing plan and start showing the property
4. Eventually, the broker will start sharing offers with you
5. Once you’re satisfied with an offer, you can accept it after checking the buyer’s pre-approval letter.
Valuation Stage:
The first step is to sign the property sales contract also known as Form F with the buyer. There can’t be two Form F signed for the same property
After the contract is signed, the buyer’s bank will evaluate the property value. It usually costs between Dh2,500 (680 $ / 606 €) to Dh3,500 (952 $ / 849 €)
If the evaluated price of the property is more or equal to the purchasing price, the bank will issue a Final Offer Letter (FOL). Once the FOL is signed, the Transfer stage starts.
Transfer Stage:
Now, obtain a No Objection Certificate (NOC) from the developer stating that all the seller’s dues are clear. The fee for NOC is usually paid by the seller
Once you have the NOC, the buyer’s bank will schedule an appointment with the Registration Trustee (RT) to transfer the ownership. RT will charge a registration fee of Dh4,000 (1088 $ / 970 €) for properties above Dh500,000 (136 121 $ / 121 341 €) and Dh2,000 (544 $ / 485 €) for properties below the said amount. It is payable as agreed by the buyer and the seller. You have to carry the following in Manager’s cheques: Part or whole of the 4% DLD transfer as agreed along with Dh580 (130 $ / 140 €) registration fees payable to DLD. Brokerage fees payable to the company, if applicable
The seller will receive a Manager’s cheque from the buyer as his contribution (25% as prescribed by UAE Central Bank) and the balance amount by a cheque issued by the bank
After completing these formalities, the original Title Deed will be issued by DLD. The seller will then hand over the keys and access cards for the property.
Viewing Stage:
1. List your property with a broker and sign Form A with him
2. Describe your desired price and ask the broker to find out the market price using CMA.
Once you agree on an asking price, mention other terms such as viewing arrangements, the scope for negotiations, Power of Attorney (if any), rental status, etc. Also mention details about your mortgage like the borrowed amount, outstanding amount, lending bank, etc.
3. The broker will then propose the best-suited marketing plan and start showing the property
4. Eventually, the broker will start sharing offers with you
5. Once you’re satisfied with an offer, you can accept it after checking the buyer’s pre-approval letter.
Valuation Stage:
1. The first step is to sign the property sales contract also known as Form F with the buyer. There can’t be two Form F signed for the same property
2. After the contract is signed, the buyer’s bank will evaluate the property value. It usually costs between Dh2,500 (680 $ / 606 €) to Dh3,500 (952 $ / 849 €)
3. If the evaluated price of the property is more or equal to the purchasing price, the bank will issue a Final Offer Letter (FOL)
4. The seller will then obtain a Liability letter from his lending bank and this letter will then be sent to the buyer’s bank for settling the debt and obtaining the clearance letter along with the original Title Deed.
Transfer Stage:
1. The next step is to obtain a No Objection Certificate (NOC) from the developer stating that all the seller’s dues are clear. The fee for NOC is usually paid by the seller
2. Once you have the NOC, the buyer’s bank will schedule an appointment with the Registration Trustee (RT) to transfer the ownership. RT will charge a registration fee of Dh4,000 (1088 $ / 970 €) for properties above Dh500,000 (136 121 $ / 121 341 €) and Dh2,000 (544 $ / 485 €) for below the said amount. It is payable as agreed by the buyer and the seller. You also have to carry the following in Manager’s cheques:
Part or whole of the 4% DLD transfer as agreed along with Dh580 (158 $ / 140 €) registration fees payable to DLD
Brokerage fees payable to the company, if applicable
Mortgage release fees Dh1,290 (351 $ / 313 €) payable to DLD
3. The seller will receive a cheque for the difference amount from the buyer’s bank
4. After completing these formalities, the original Title Deed will be issued by DLD. The seller will then hand over the keys and access cards for the property.