How to buy a new
home in Dubai in
10 easy steps

There are various ways of acquiring a property, depending on where you are in the world. In the buyer's guide, we will help you familiarise yourself with the process, so your purchase will be as seamless as possible.

1. Set your budget

Setting a budget is the most important step when you start looking for a property. When you are buying with cash, you should ensure that you have the money with you here in the UAE for the moment of the transfer.

2. Get a mortgage

For those who need a mortgage, they should speak to a mortgage advisor who will arrange a pre-approval from the bank. This will tell them how much they can spend. When you are getting a mortgage, you will need a minimum deposit of 25%.

3. Find a qualified RERA broker

Once you have decided on a budget, find a reliable RERA qualified broker and set about finding your ideal home. In order to represent you in the upcoming negotiations, you will sign a Form B contract with your broker.

4. Negotiate and Make an Offer

As soon as you've found a property you like, make an offer as soon as possible. You'll have a stronger negotiating position if you're ready to move quickly, so be ready with your mortgage pre-approval and the 10% deposit.

5. Pay Deposit

As soon as both parties have agreed on a price, they will issue a legally binding MOU (Memorandum of Understanding), which is referred to as a Form F by RERA. This will be done via the Dubai Brokers App, at which point you will need to provide a current dated check in the name of the seller as a 10% deposit, as well as a PDC in the name of the broker's company as a commission. MOUs must cover ALL aspects of the contract, such as whether or not rent or service charges have been paid and when the transfer will occur.

6. Hire a Conveyancer

To help with the sales process, you will most likely hire the services of a professional conveyancer. A good conveyancer will guide you through this process.

7. Get the NOC

The seller will need to obtain an NOC from the developer who built the property before closing, which will ensure the property is free of outstanding service charges.

8. "Block" the Property

When you are buying a property that has a mortgage, you will have to go through "blocking". Upon receiving a liability letter from the seller's bank, you will come to DLD to "block" the property with four checks: one in the name of the seller's bank for the outstanding mortgage, one in the name of the seller for the remaining purchase price, one in the name of DLD for the transfer fees of 4%, and one in the name of the agency for the last manager check.

9. Transfer the property

On transfer day you will meet your broker, conveyancer, and seller at the transfer office. A property purchase can only be made via cash or managers checks, so chances are you will have your managers checks ready. Remember to bring a check for 4% of the purchase price as well.

10. Congrats you are now a homeowner!

Now that you are a homeowner, you'll need to make sure all DEWA utilities are registered under your name and start planning your housewarming party!

Still in search for
your Dream Home?

Check our Listings or Contact our
Certified Specialist 800 (BE HERE) 234373




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