If you are living abroad and looking to buy a house in Dubai, the process can be a bit complicated. First of all, you need to make sure you can qualify for a mortgage. In other countries, you will need to pay a down payment of 25 per cent of the property’s value. For this reason, it is important to start saving early. Also, it is a good idea to clear all your debts so that you can streamline your budget.
The next step is to find a property. The seller must have a valid title deed. If the seller does not have one, then you can go to the Dubai Land Department to verify ownership. Then, the buyer and seller must sign the contract in front of a witness at the Registration Trustee’s office. In addition, the buyer will have to pay a 10% deposit as a security deposit. Usually, this deposit will be returned when the property transfer is finalized.
Before purchasing a house in Dubai, it is important to calculate the total cost. In addition to the purchase price, there are numerous fees involved, including insurance, repairs, association fees, and property taxes. A mortgage adviser can provide you with more information regarding all of these costs. Typically, these fees add up to about six to seven percent of the total cost of buying a property in Dubai.
