Tips for 1st time buyer's

In today’s Digital & Fast-pace world; information is key for any Buyer to make precise decision. Our experienced realtors & latest technology (our realtors can give accurate transactional price during viewing from their phone) empowers our buyers to make a real time decision; while viewing a property whether it’s weekends or evenings. That’s why we are the first port of call for hundreds buyers in Dubai.

Our professional realtors not only assist you in choosing the right property; but also navigating through the buying process.
Buying a property is one of the major financial decision in anyone’s life. There are few important things we would recommend you should know; so you can ask the right questions & be one step ahead in process.
Below is list of frequently asked questions; which has assisted countless buyers.

We wish you all the best for your New Home search.

Eligibility (who can buy property in Dubai)

Any nationality (except few), whether based overseas or a resident of Dubai, can purchase in any freehold areas of Dubai’s Real Estate market.
For list of exception; kindly contact our realtors.

Documentation

Prepare your documents before heading out on search for your dream home. Documents will change depending on whether you are funding the property through personal funds (i.e. cash) or you ae taking Bank finance.

CASH BUYER

If you are self-financing the property; i.e. paying the total property price in CASH; then the process of both Off-plan & handed over property for Employed or Self-Employed or Company will be same.

You would require below documents

For an individual:

• Passports & visa page (visa page only for UAE residents) for all Buyers
• Signed Buyer Agreement known as Form B
• Local Resident ID Copy

For a company based in Dubai (Sole Establishment / L.L.C. / UAE based Free Zone):

• Certificate of Incorporation / Trade License
• Certificate of incubation (Free Zone only)
• Memorandum and Articles of Association (LLC & Free Zone only)
• Board Resolution (LLC & Free Zone only)
• Passports & visa page (visa page only for UAE residents) for all Buyers
• Power of Attorney of not present buyers (if any)
• Signed Buyer Agreement known as Form B

For an overseas company (BVI or Off-shore):

Please contact our realtors directly.

In both cases of Individual & Company apart from above; below documents are also required:

• Signed FORM F (between yourself & Seller); NOTE – “MOU” are not legal anymore as per Dubai Land Department “DLD”
• Managers Cheque for property sales price & different fees (explained below separately) from a local bank in UAE only (cash is not accepted as per Dubai Land Department.)
• License copy of Real Estate Office
• RERA card copy of Realtor.

FINANCE BUYER

If you taking the Bank finance; i.e. a bank is mortgaging the property; then depending on the type of property (Off-plan OR handed over property) the process will slightly change for Employed to Self-Employed & Company. The process of “How to get mortgage (Home Loan) in the UAE” is described below separately.

NOTE: to purchase Under construction property Bank Approval is not require at the time of purchase.

For Employed:

If you are employed; it’s better to have below documents ready before applying for pre-approval for mortgage for handed over property.

• Passport copies with visa page of applicant
• Signed Buyer Agreement known as Form B
• Emirates ID of the applicant
• Original salary certificate
• Original pay slips for last 6 months (with company stamp if not carbonized pay slip)
• Bank statements for last 6 months with bank stamp (banks don’t accept online statement)
• If you own a credit card then prepare 3 months card statements (Some bank will take online statement)
• Current month DEWA bill Copy
• Tenancy contract Copy (if your residence)
• Depending on bank; there might be additional documents required.
• For in depth knowledge discuss your requirement with our Mortgage expert.

Our Mortgage advisor can provide you pre-approval from our nominated bank in 1 meeting in less than 30 minute.

If you are self-employed; it’s better to have below documents ready before applying for an initial approval for mortgage for both (Off-plan OR handed over property).

• Emirates ID of the applicant
• Passport copies with visa page of applicant
• Copy of Memorandum of Association (registered with Dubai court)
• Trade License copy (company must be in at least 3 years operation)
• 3 years audited accounts
• 1 years company bank statement
• Personal bank statements for last 6 months with bank stamp (banks don’t accept online statement)
• If you own a credit card then prepare 3 months card statements (Some bank will take online statement)
• Current month DEWA bill Copy
• Tenancy contract Copy (if your residence)
• Depending on bank; there might be additional documents required.
• For in depth knowledge discuss your requirement with our Mortgage expert.