GENERAL ASKED QUESTIONS
LUXIERO Real Estate has Saudi Arabian administration that is in the market for more than 30 years, we started our business in Dubai 2 years ago, so we mastered the Middle Eastern real estate trends and passages more than anyone.
Whether you would like to sell or lease, Contact us, Fill the form or just call us and our specialized property consultant will be delighted to assist you with all your concerns.
There are two registered offices of LUXIERO Real Estate:
United Arabs Emirates branch:
8th floor, U-Bora Office Tower, Business Bay, Dubai, UAE
T: +971 44429253, M: +971 56666714
Kingdom of Saudi Arabia branch:
Al-haddad building, Al-ashreaa st., Dammam, Eastern Province, Saudi Arabia
Land line:+966138345032, Phone:+966566600057
E: firstname.lastname@example.org, W: www.luxiero.com
DLD is a government entity which is responsible for:
– developing and applying clear and transparent real estate regulations;
– providing distinctive and efficient real estate services that help to attract investment into the sector;
– increasing real estate knowledge.
Supported by the Dubai Land Department, RERA plays a key and executive role in the regulation of Dubai’s real estate scene. RERA is responsible for licensing all real estate activities for developers, agents. In addition to rental agreements.
Power of Attorney is a legal appointment from one person (Grantor) to another (Grantee) to act on grantor’s behalf in his absence. The Grantee has authority to make decisions and sign legal documents on behalf of Grantor.
The non-objection certificate (NOC) is a certificate from the developer allows the original owner to sell his unit to a new owner.
A listing is a contract between an owner and a broker authorizing the broker to find a buyer or a tenant who is willing to buy or lease the property under the terms of the listing.
Return on investment (ROI) is an accounting term that indicates the percentage of invested money returned to an investor after the deduction of associated costs. For the non-accountant, this may sound confusing, but the formula may be simply stated as follows:
Costs – is included the initial purchase cost, taxes, insurance and upkeep.
BUY A READY PROPERTY
You’ll need to pay 4% of the contract price + AED 580 to the DLD,
In addition to an amount between 1,000 and 5000 (depending on the developer) has to be paid for the non-objection certificate (NOC) from the developer, to allow the owner to sell the unit to a new owner.
The Registration payment is due with immediate effect and cannot be delayed for any reasons. Any delay will result in penalties applied by the Dubai Land Department as per regulation.
– The direct down payment according to the agreement of sale between Buyer & Seller (10% of the purchase price)
– Registration fees, 4% of the contract price should be paid to the DLD.
– Transfer fees between AED 3,000 and 5000 to be paid in cash to a trustee office
– Tawtheeq (Connection fees for the Electricity and Water Authorities)
– Mortgage application fees if any
– AED580 admin fees are paid to Dubai land department
– Real estate agency commissioner (in the case of buying a ready property)
The property joint purchase is limited to a maximum of two buyers per property. The ownership of the respective property will be equally divided between the joint buyers.
Ownership is locked down at the time of booking and any change in ownership is subject to approval and payment of required fees.
In case you purchase a property in a company’s name (only JAFZA registered companies as per law) you must provide:
– Trade license or Commercial license for Company;
– Certificate of Incorporation/Incumbency
– Share certificate / Board Resolution / MOA
– Power of Attorney for the authorized signatory
– Authorize Signatory valid passport copy, visa page and Emirates ID
A down payment or deposit is the cheque that the buyer/tenant issues to reserve his eligibility for the unit till all document and agreements be ready. The down payment cannot be cash. It should be payable in the form of a cheque in the name of the Seller. This cheque is held by us- as a guarantee of the property in the manner required by law. Till both parties sign the contract.
The booking Deposit is strictly NON-REFUNDABLE.
The decision depends on several crucial factors, as well as your future plan. You need to determinate whether you want to benefit from the property now and pay its full price or you wish to benefit from the low purchase prices and flexible terms of payment. Both plans have their advantages and disadvantages as follows:
|READY PROPERTY||OFF-PLAN PROPERTY|
|Advantages||· Immediate return of investment
· Can move or rent out immediately
· Less risk – completed
· You get what you see / pay for
|· Lower purchase price
· Higher capital appreciation
· Attractive and flexible payment plan
· Lower upfront cost
|Disadvantages||· Higher purchase prices
· Must pay all upfront – less flexibility
· Lower capital appreciation
· Pre-owned property
|· No immediate return on investment
· Cannot move in or rent out immediately
· Risks related to delays, plan cancellations or poor finish
· Potential market changes and declines
If you are employed; it’s better to have the following documents ready before applying for approval for the mortgage for buying a property:
- Emirates ID of the applicant
- Passport copies with visa page of 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 the bank; there might be additional documents required.
- For in-depth knowledge discuss your requirement with our Mortgage expert.
Disclaimer: This information is given for reference only. All stated above rules, regulation and procedure are governed by Dubai Land Department, and can be changed or/and updated by DLD at any time without any prior notice
Title Deed will be handed over within 30min In the case of completion of all payments and documents, In addition to attendance of both parties with their representative (broker) at trustee office.
Electricity and water are supplied by DEWA (Dubai Electricity and Water Authority) which has many locations across Dubai and it will be connected to the unit after 24 hours of registration. DEWA registration on the owner’s/tenant name is mandatory as per law. You’ll need to submit the following documents and fees to register with DEWA:
– The DEWA number (found on the side of the property’s entrance)
– Copy of the tenant/owner passport
– Copy of the property title deed/Lease,
– fees of AED 2,000 + AED 20 (for apartments) or AED 4,000 + AED 20 (for villas) will be required as a refundable security deposit, and AED 120 + AED 20 for connection charges
RESALE A PROPERTY
You’re demanded to present the following documents to sell your property:
– Valid Passport copy and Visa
– The title deed if the property is a ready property or Oquood if it’s an off-plan with sales purchase agreement (SPA)
– No objection certificate (NOC) from the developer to transfer the property
– Receipts of payment to developer
– Proof of payment of service fees if property is completed
– Clearance of mortgage (cancellation fees)
– Clearance of service charges / maintenance fees
– ADDC Clearance
– Transfer fees with the land department
– Real estate commission (if agree with the broker to burden it)
You indeed are interested in selling your property for the highest possible price in the shortest time. The following are some factors that influence the price of your house:
– Current real estate market conditions
– The expertise and market knowledge of the real estate agency you contract with
– Characteristics such lot size, square footage and the status of your home
– Desirability factors, including location, special amenities and property attributes
– The appearance of your home, for example: lack of clutter, clean carpet, fresh paint
– Recent sales prices of comparable homes in the area
– A sophisticated real estate marketing plan
– Your level of motivation
The seller plays an important role in the home selling process. Check the following link to learn some important tips to contribute to a successful sale process Selling a Property
– if you’re purchasing a ready property you’ll traditionally pay the commissioner (in few cases the seller accept to pay the commissioner instead),
– But we don’t charge you any fees if you’re buying an off-plan property.
– In the case of renting we don’t charge the landlord any fees for finding the tenant,
– But we charge him if he chooses our managing services.
– The tenant has to pay the real estate agency only for one time when signing the lease; however he chooses to renew his lease for more years.
RENT A PROPERTY
Ejari is an online registration system made by Real Estate Regulatory Agency (RERA) that aims to regulate the relationship between the landlords and the tenants.
Yes, after signing the lease you should contact DEWA (Dubai Electricity & Water Authority) and pay its fees in order to set up the services.
The security cheque is the cheque that tenant pay the owner as a guarantee to serve the owner’s rights when the tenant hand over the unit, it still clean and have no small or major damages.
Through Luxiero’s website, you can use our search engine to find the best deals, check our Find a Property For Rent and you’ll find a full and comprehensive guide for tenants.
We handle all the aspects of leasing process on your behalf, including; advertising, sign Leases, Collect the rent, Keep track of finances, Issue legal notices and documentation. Check our Rent Out Your Property and you’ll find a full and comprehensive guide for Landlords.
BUYING AN OFF-PLAN
– The developer must be registered with RERA.
– The Project must be registered with RERA
– The Project Escrow A/C must be registered with RERA.
Buying an off-plan is the easiest and most affordable to buy a property in Dubai, Check our Buying Guide to explore the buying process step-by-step.
Your property will be registered in Oqood once you pay the due installment, required fees and suffice the required documents, and then you will be notified accordingly via receiving a printed primary Contract of Sale.
The good news is; you’ll not pay anything as a commission of contracting for an off-plan property
You’re demanded to pay 4% of the contract price + AED 3,000 to the DLD
Yes, you can purchase properties in many free-hold areas in Dubai. Please check Invest in Dubai Page for more info.
Actually, Dubai nowadays is the best city to invest in. His Highness Sheikh Mohammed Bin Rashid is planning to make the UAE among the best countries in the world. And a great part of his value is already implemented. Dubai has become a hot spot in the international real estate market due to the mega-developments and construction, high living standard, cosmopolitan culture and sub-tropical climate attract people to choose this city. It is classifies as one of the safest and secured cities, with high tourism rates and multi-cultural environment. The upcoming EXOP 2020 will open great opportunities, it is expected to attract around 25 million visitors and produce more than 300,000 jobs for its following year. Visit Invest in Dubai page to find more answers about Dubai’s special features.
– You should be above 21 years old to be qualified for a property investment in UAE.
– A valid passport copy,
– To contract as an individual or a joint buyer.
All POA’s need to be notarized and properly attested:
– If POA is issued in UAE, it must be notarized by the Notary Public.
– If POA is issued out of UAE, it must be legalized through the UAE Embassy in that country, then the Ministry of Foreign Affairs.
The POA must be in Arabic. If you’re not an Arabic speaker; the English translation must be stamped by a licensed legal translator.
A return of 7% is considered a good ROI for someone who invests in the real estate market.
The visa is issued by DNRD (Dubai Naturalization & Residency Department) Dubai Immigration Authority and does not fall under our control. We do not promise any Visa with the property purchase and advice you to approach DNRD authority for clarification on the current law.
Yes, you can do this. We’ll need a Power of Attorney along with your original documents and any receipts.