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