Buying a house anywhere is an exciting thing, but it is always going to be a horrific task. This is especially if you are going to be buying a home in Dubai. The process is very much complex and can be as well. This is only when you do not look at the instructions, requirements, as well as laws. In a country like UAE, the laws are strict, and they apply to everyone. If you are going to be breaking or violating any rule, then you will have to face the consequences as well. Therefore, you will need to know about the different types of laws that are applicable. You should also know about the documents such as Title Deeds. Not just this, but you should also know about the right procedure. Before moving onwards, here are the definitions so that you are clear.
Title Deed
Numerous people don’t know the meaning of a title deed. This is an important document that you will need to have. It holds the value and evidence of property ownership in Dubai. Hence, if you are going to be owning a property, then you will need this. This also acts as a bank’s custody only if you have a mortgage on the property. You can also have a duplicate of the Title Deed because it is important. Moreover, you should also look forward to completing your DEWA. This way, you will be able to rent out your home as well. You will also be able to register with the tenant’s Ejari and telecoms. All of this will happen when you have your title deed copy.
Conveyance
Conveyance is something that is usually done on a regular basis as well. It is used in normal vocabulary as well. This is when someone gives possession of something to someone. Therefore, this terminology is mainly useful in the real-estate sector. Hence, this can be ownership of anything, such as a plot, land, or residence of a building.
The difference between freehold ownership and leasehold ownership
When you are looking to purchase a leasehold property, you will need to get into long-term leases. In this, you will agree to ensure the property for a specific amount of time before any other step is taken. This time is usually 99 years. However, the time frame can be different. This depends on the situation and things as such. Therefore, the buyer is going to have the rights to the unit. It will only be under this property that they own. Hence, it will be the property of the ownership in Dubai and not on the land that the infrastructure is on. This is a major confusion that people face. Therefore, the property unit reverts to the possession of the freeholder. This is after the conclusion of the term of the lease.
Whereas, when we come to talk about buying a property with freehold ownership, there are some major differences. The first is that the purchaser usually has complete ownership of both buildings. This includes the interior space as well as any other property which is in its surrounding land. It has to be within the land that they own. All of this is following the rules and regulations set up by Dubai.
Hence, the Dubai Land Department will always ensure to record the freehold owner’s name as “landowner.” There is also a high possibility that the owner can hold the freehold agreement for a lifetime. Hence, the person will then inherit this from the original owner, and it will continue as such. This basically means that the property will stay within the family for eternity. This needs government approval for you to purchase freehold homes in Dubai.
The usefulness of conveyancing lawyers
You will always need a lawyer to assist you in cases such as this. It is obvious you will not know about all of the rules and policies of the country, which is why you should consider getting in touch with a lawyer. They will guide you through the procedure and also recommend you some options. All of these things will be according to your preferences. This is one of the best advantages that you will get. Moreover, they will also help you accomplish other tasks, such as getting approval. The main type of approval you will need is from RERA. You will get this from Dubai’s Real Estate Regulatory Authority. Furthermore, your rights will also be safe as well as your interests. That is because you will have a lawyer right beside you.
You do not only need to have certain elements to get in touch with a lawyer. The most important aspect is that everything needs to be authentic and from the right organization. Hence, all of these things and much more are known by lawyers. This is why you will need their help in legitimizing things. Making such documentation official is necessary and the main thing you need to focus on before anything else. It will always help you in the long term as well if you go through the right process.
The right procedure for title conveyance
- Agreeing with the memorandum of understanding
Both the parties, the buyer and the seller, should go through this step. It is where the title transfer procedure will start. It is also known as MoU.
- Using different adequate due diligence
This is a crucial step as it is mainly useful to verify the owner. Hence, one should not skip this part of the procedure.
- Take a look at the association regulation of the owner
The owner should always work according to the law. If the owner is not, then you should report it.
- Pay the due amount
There is a whole financial statement made, and the amount needs to be paid according to it.
- Get the non-objection certificate
You should get the OC from the parties. This will have information about both of them.
- Title Transfer
The title transfer will take place after this.
- Key Transfer
The keys will be given.
- Make a deposit
You should head to the band and store everything there.
- Gain the liability letter from the bank
- Dubai Land Department
Get to know about the costs of transferring, which is gained from DLD.
