Decided to purchase a property in Dubai? It’s a great decision. If you live in Dubai, buying a property is very important. You can use it either to move in or to get rent out of it. Whatever the reason behind it is, you must start listing the property based on your needs. However, before that, make sure to gather all the documents required to buy property in Dubai. This helps to smooth the process of buying property. Below is the guide that will help you know all the documents that are important to purchase the property in Dubai.
Documents Required to Buy Property in Dubai
Whether you are looking for off-plan or ready properties to buy, you will always need to have some important documentation with you. Below, we have mentioned some of them:
1. Signed Memorandum of Understanding (MOU)
- MOU is also known as Form F in Dubai, which covers the crucial information related to all the transactions, like details of stakeholders involved, property details, etc, which is agreed between both parties. When it is created, both of you will have to sign the documents. As soon as you have signed the form, you will only have 30 days to complete the important documentation. Here is what you will get in the MOU agreement:
Details of the buyer and seller - Property details
- Agreed sale price
- Payment terms (deposit amount, final payment date)
- Agreed handover date
- Obligations of both parties
- Terms in case of a breach of agreement
If you break it, you will most likely have to pay compensation to the seller
2. Sales Agreement
It is the agreement signed between you and the seller. It is basically an agreement that is signed between you and the seller, which confirms your intent to buy the property. It includes all the important things like sale price, payment schedules, and other related information. It is the first official step when the deal is signed. It is different from an MOU. If you break it, legal actions may be taken against you.
3. Your Passport
If you are a foreigner and looking to buy off-plan property in Dubai from abroad, you must provide a copy of your passport. It is a crucial document for people who are not residents of the UAE. A passport basically acts like the identification document for purchasing property in Dubai. It is important if you want to register the property under your name.
4. Emirates ID
If you are a UAE resident, the next thing you need to provide is to Emirates ID. It is a mandatory document that acts as official proof of your identity and residency status. An Emirates ID is not only used to get the property registered, but also for utility connection.
5. Proof of Address
You need to give proof of the address you are currently residing at. It can be anything, your utility bill, tenancy contract, or even the bank statement. Please note that most of the time, you don’t need to give it. It is mainly asked when you are applying for a mortgage.
6. No Objection Certificate (NOC)
This is a certificate that states there are no outstanding payments or service charges due related to the property. It is an important document before the ownership is transferred at DLD.
7. Proof of Payment
When everything is finalized, you will need to give proof of payment. Make sure to have copies of initial deposits, the reservation fee, or full property payments. It not only helps to get transparency but also helps both of you to be on the same track. If you are buying the property on a mortgage, it is an extremely important part.
8. Salary Slip
In most cases, it is required when you are buying the property by mortgage in the UAE. If you are planning to buy the property through a loan, make sure to check the mortgage rates. Once you have calculated everything, you should apply for a mortgage. Get the salary slips or your bank statements for the previous six months. It is like proof that you can repay the loan back.
Important Things to Consider
If you are planning to buy a property in the UAE, here are some important things that you must remember:
- You must be at least 21 years old to purchase the property.
- It is crucial to complete the identification process. This means you will need to provide the passport and visa if you are a non-resident, and an Emirates ID card for a non-UAE emirate.
- NOC is essential. It shows you have the permission to buy the property
- In some cases, you may need to provide proof of funds. It helps you to know that you can afford the property.
- Make sure that the property is registered with the Dubai Land Department, as it makes your ownership official and legal.
- You will have to pay various fees during the whole purchasing process. Thus, don’t forget to calculate all of them before making any final decision.
- If you are buying the property as a Company or Corporate Buyer, you need to provide proof that your company is legally registered, a certificate of incorporation, a document from your company’s board of directors approving the property, and identity proof of everyone involved.
- If you are purchasing on a mortgage, you will need to have a Salary certificate, Bank statements, Proof of employment, and a Credit report.
Conclusion
Buying a property in Dubai is easy and highly rewarding. Whether you’re planning to live in it or rent it out, you must start looking for it. However, it’s important to know about the documents before you start the process. Some important documents that you need to get are a passport, Emirates ID, MOU, Sales Agreement, and many others, depending on your case. Before making your final decision, take time to understand the fees involved, especially if you have a mortgage case. This will make the buying process easier.
