Buyer Guide

PROCEDURES

*Once the buyer has finalised a property, he/she has to sign official forms issued by the Real Estate Regulatory Agency (RERA). * The buyer and the seller have to sign a memorandum of understanding (MoU), with the buyer writing down a cheque of 10 percent (in most cases) of the sales price as a deposit. The cheque is held by the buyer’s agent as a guarantee and returned on completion of the transaction. * The buyer and the seller will meet at the developer’s office to apply for a “No Objection Certificate” (NOC). * The developer will issue the NOC for a fee after ensuring that the outstanding service charges have been cleared. * After the developer issues the NOC, the buyer and seller meet at one of the several registration trustee offices appointed by the Dubai Land Department to officially transfer ownership. * The purchase price is paid in the form of a manager’s cheque. After the registration trustee completes all the formalities online, a new title deed is issued in the buyer’s name.