Dubai Buyer's Guide

Find a Property
Call My Island Real Estate ( MIRE ) for expert advice and options.

Make an Offer
Once you’ve found your ideal home or investment our consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding). A 10% deposit is paid to MIRE, held in trust on behalf of the Seller.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms the seller has no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer. The NOC is applied for in the developer’s office and takes approximately a week to be returned. Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00  – AED 5,000.00 fee ( Emaar – regular or express ). In addition, Buyer pays AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name. This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers. All payments are made in cleared funds, (Manager Cheques) and the Title Deed confirming the Buyer as the recognized owner is issued immediately. Unless negotiated differently, the Buyer is responsible for DLD fees  4% of purchase price + AED 315.00  admin fee + AED 4000.00 transfer centre fee.

Find a Property
Call My Island Real Estate ( MIRE ) for expert advice and options.

Make an Offer
Once you’ve found your ideal home or investment, our consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding).  A 10% deposit is paid to MIRE, held in trust on behalf of the Seller.

Seller Applies for Liability Letter  (mortgage statement)
The seller will request for the exact amount owing to their financial institution. This process typically takes approximately a week and has a shelf life of  14 days from date of issuance.  Seller pays the fee,  AED1000.00.

Buyer Pays Finance off
Ordinarily, the Buyer settles the Seller’s finance, naturally, deducted from the purchase amount owed on Transfer. Prior to Buyer making payment, both parties (or their appointed Power Of Attorney), agree to meet in the DLD.  A ‘Manual Transfer’ is now executed.  This process requires the Buyer issuing payments ( as Managers Cheques ) to the Seller’s bank ( liability amount ), the outstanding balance payable to the Seller and all Transfer & Professional fees.  With the exception of the liability amount, all Managers Cheques remain in the custody of the DLD until transfer is complete.  The DLD now register the property in the name of the Buyer.  The Seller is now aware the Buyer has made all required payments, the Buyer is comfortable the property is now registered in their name – with Title Deed being released upon completion.  Both parties now visit the Seller’s bank and the Managers Cheques for the liability is released.  Clearance of Seller’s loan takes approximately one week, where after a clearance certificate is issued to the Buyer – this is required to apply for the NOC.  As with all stages of the home buying process, MIRE will guide you, managing all of your exposure.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms the seller has no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer.  The NOC is applied for in the developer’s office and takes approximately a week to be returned.  Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee (Emaar – regular or express).  In addition, Buyer pays AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name.  This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers.  All payments have already been made in cleared funds, ( Manager Cheques).  Once the NOC is supplied to the DLD, the Title Deed confirming the Buyer as the recognized owner is released immediately.  Unless negotiated differently, the Buyer is responsible for DLD fees; 4% of purchase price + 315 admin fee + AED4000 transfer centre fee.

Obtain Pre-Approval
This typically occurs prior to viewing properties. This is an agreement, in principle, between the Bank and the Buyer, establishing an amount which can be borrowed. Typically, subject to review, this can be up to 75% of the purchase amount, or 65% if the purchase amount exceeds AED 5M.  To assist, we have relationships with established, independent, mortgage specialists.

Find a Property
Call My Island Real Estate for expert advice and options.

Make an Offer
Once you’ve found your ideal home or investment, our consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding).  A 10% deposit is paid to MIRE, held in trust on behalf of the Seller.

Valuation
Once your bank have the details of the property, they will instruct a valuation which is completed by one of their registered surveyors.  Valuations are designed to ensure the property you’re purchasing is worth the amount you have agreed to purchase it for, and that it is structurally sound – handy.

Mortgage offer
Upon a satisfactory valuation, the next step is for the bank to formally offer you the mortgage on the property.  If not already in place, life insurance is now arranged.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms the seller has no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer.  The NOC is applied for in the developer’s office and takes approximately a week to be returned.  Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee ( Emaar – regular or express ).  In addition, Buyer pays AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name.  This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers.  All payments have already been made in cleared funds (Manager Cheques).  Once the NOC is supplied to the DLD, the Title Deed confirming the Buyer as the recognized owner is released immediately.  Unless negotiated differently, the Buyer is responsible for DLD fees; 4% of purchase price + AED 315.00 admin fee + AED 4000.00 transfer centre fee.

Obtain Pre-Approval
This typically occurs prior to viewing properties. This is an agreement, in principle, between the Bank and the Buyer, establishing an amount which can be borrowed. Typically, subject to review, this can be up to 75% of the purchase amount, or 65% if the purchase amount exceeds AED 5M.  To assist, we have relationships with established, independent, mortgage specialists.

Find a Property
Call My Island Real Estate ( MIRE ) for expert advice and options.

Make an Offer
Once you’ve found your ideal home or investment, our consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding).  A 10% deposit is paid to MIRE, held in trust on behalf of the Seller.

Valuation
Once your bank have the details of the property, they will instruct a valuation which is completed by one of their registered surveyors.  Valuations are designed to ensure the property you’re purchasing is worth the amount you have agreed to purchase it for, and that it is structurally sound – handy.

Mortgage offer
Upon a satisfactory valuation, the next step is for the bank to formally you the mortgage on the property.  If not already in place, life insurance is now arranged.

Seller Applies for Liability Letter (mortgage statement)
The seller will request for the exact amount owing to their financial institution. This process typically takes approximately a week and has a shelf life of 14 days from date of issuance.  Seller pays the fee,  AED 1000.00.

Bank-to-Bank payment
The liability letter will be forwarded from the Seller’s bank to the Buyer’s bank, which coordinates to meet and pay down liability.  Buyer’s bank sends a representative with a physical Managers cheque (cleared funds) for the mortgage amount.  The settlement process typically takes a week, after which, the ownership documents are released to the Buyer’s bank – which are required for the next step in the process.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms the seller has no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer.  The NOC is applied for in the developer’s office and takes approximately a week to be returned.  Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee ( Emaar – regular or express ).  In addition, Buyer pays AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name.  This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers.  All payments have already been made in cleared funds (Manager Cheques).  Once the NOC is supplied to the DLD, the Title Deed confirming the Buyer as the recognized owner is released immediately.  Unless negotiated differently, the Buyer is responsible for DLD fees; 4% of purchase price + AED 315.00 admin fee + AED 4000.00 transfer centre fee.