The purchase of real estate in Dubai, UAE necessitates a compulsory legal review of owner’s rights, offering a property and taking into attention of all other important aspects.
Although, cases of obvious fraud in purchasing various types of real estate such as: houses, apartments, commercial property in UAE are extremely rare, clients regularly face some certain difficulties due to lack of crucial information.
The court procedures and hearings in UAE are complex, expensive and very time consuming. Besides, the seller can simply travel back from Dubai to his home country after the sale. For that reason, it is necessary to pay attention to all important aspects during the preparation of purchase and spend some minor amount for legal assistance, and have comfort and safety in future.
As for real estate agents, according to the UAE law, they must possess all necessary qualifications and perform all necessary legal checks of rights on property and all other related documents. However, in practice, the agents’ qualifications vary and every now and then we have faced situations when agents’ qualifications were not sufficient to make the client to feel safe or where the agents were acting mainly to reach their own interest in the transaction.
Those clients, in turn, have often reverted to our legal consultations, thereby getting a full understanding and necessary conditions for property purchase in the United Arab Emirates.
What is there to pay attention to, when purchasing property in Dubai, UAE and performing legal review of property rights?
First and foremost – property rights. Everything is straightforward, if the owner is a natural person and he is the one who will be present at the transfer of property. However, if a property in UAE is owned by a corporate entity with a complex corporate structure and/or has other ownership and disposal options such as Power of Attorney, Bank collaterals etc.), additional attention must be paid.
The second set of questions subject to a review is whether there are any collaterals on a property. If the property is mortgaged by a bank or the developer has the property rights due to an ongoing payment plan, it is necessary to make sure that the collateral is released at the moment of purchase.
The third important aspect is the availability or absence of the tenant at the moment of property sale in the United Arab Emirates. If the is no tenant, then the verification of this fact is quite simple. If the tenant is available, the attention must be paid to the fact that the tenant has some certain rights on property and those rights remain after the transfer of property ownership rights to you. In this case, only the correct steps and documents will ensure that the property is definitely at your complete possession.
Last but not least, the correct terms of the sales - purchase agreement with all the necessary conditions and provision of all documents on a property, which are required at the transfer or thereafter.
The real estate in Dubai, UAE is a favorable and prestigious way of investment. In order to avoid any misunderstandings when purchasing property in the United Arab Emirates, it is sufficient to enquire and obtain a legal consultation in our company. We have a substantial experience in providing solutions to very different matters related to legal consulting, both corporate and real estate matters.