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Buying a property, especially overseas, is undoubtedly exciting. Unfortunately, it is also fraught with risks. Linguistic and cultural barriers can also lead to misunderstandings. It is therefore imperative that you hire a promotional attorney who understands the UAE property market to advise you throughout the buying process.
For most people, buying a property is the most important purchase they will make. And no matter which country you buy property in, there are many risks.
If you want to buy an existing property, you need to be clear about whether your potential home is owned or leased. Not knowing what type of property you own can lead to extreme disappointment in the future.
For condominiums, you own the building and the land the building is on and the leases are essentially long-term leases and are similar to buying a rental property in the UK. Fortunately, the UAE has laws in place to protect buyers from breach of contract. For example, developers and brokers must be approved by the Real Estate Regulatory Authority (RERA) in Dubai before promoting real estate in the media. However, regardless of the legal requirements in place, it is important to conduct due diligence – your attorney can do this for you quickly and effectively.
Your promoting attorney will also check the validity of proof of ownership (title deed for completed properties; oqood for off-plan properties) so you can be sure that the property is free of encumbrances or legal impediments before paying the deposit or signing a signature Contracts.
Other duties of a commanding attorney include explaining and drafting the Memorandum of Understanding, reviewing time frames for completion, and advising on any special conditions that may be associated with the purchase to ensure that all maintenance and service fees are as per the developer’s requirements for an NOC application and the creation are paid and confirmation of the final transfer documentation stating all funds involved.
Investing in experienced legal advice when buying a property in the UAE can save you a lot of stress and money in the long run. You can also use it to buy your home with confidence and celebrate the next leg of your expatriate journey.
The author of this article is Nita Maru, Managing Partner of TWS Legal Consultants.
Licensed by the Dubai Government Legal Department.