Finding a 10/10 property is often a tough journey, however the real challenge is for first-time home buyers and investors in Dubai, who need to look through the vast variety of ready and off plan options ranging from villas and apartments in several developed and upcoming locations. It is not just about deciding between an apartment in a high-rise glass tower with five star amenities or a villa with a private beach, but the overall idea of investing in a property that secures the long-term interest as well as ticks all boxes for a perfect home. As an investor or as an end user, a buyer needs to carefully assess several aspects of the property before taking that major financial decision for a long-term investment gain.
Searching properties could be tiring and if your agent doesn’t get your requirement straight, you could head for a real roller coaster ride. Through our in-depth knowledge combined with vast experience of dealing with buyers and sellers from across the globe, our aim at Bridges & Allies is to not just help our clients to find the perfect property but also to educate them during the search process about the ever-growing Dubai communities. We believe a confident decision maker is the one with accurate information, a plan and a trusted partner, hence transparency and attention to details remains at the core of our job. For the convenience of our clients, we have designed the below step by step property search guide to benefit from efficient and successful results while searching the perfect home or investment property.
Area knowledge is one of the most important factors that drive your overall search journey. Online listings, location maps and market reports are great resources for you to enhance your location awareness and begin your property search. However, chances are higher that you may get successful in building a rocket than finding an easy way through the vast Dubai property market without an expert’s advice. As an end user, you may want to live close to your work place may be near the financial center, or in a congestion free villa community away from the hustle and bustle with quick access to the Golf course with your buddies. But, if you are looking to invest, your definite aim is to gain higher ROI without risking the capital value. Our area specialists are masters of their communities, hence it's a cake walk for us to quickly shortlist the most desired locations for you. Why not give us a call so we take one step closer towards finding your perfect home.
From apartments to villas, ready properties to off plan and affordable to ultra-luxury, there is a vast range of communities and property types all over Dubai with unique features, advantages and disadvantages. Your lifestyle, your family size and most importantly your budget are the key factors that will help you to assess and finalize the type and size of property, that bests suits your end goal. Most buyers plan to buy properties with a long-term goal, which could be for investment or end use. Quite often for many investors, their investment property becomes a primary home at some point or vice a versa. We, at Bridges & Allies hold vast experiences of dealing with different types of buyers from all over the globe, and our successful track record makes us confident in offering you the right advice. A phone call to one of Bridges & Allies’ sales agent for a valuable and free initial advice won’t be a bad idea after all. Once we achieve this together, we can reach much closer to the final goal.
What is your maximum budget? By far it is the most important of all the questions you should have the most accurate answer to, when asked by your agent from Bridges & Allies. Whether you are purchasing on mortgage or cash, it is extremely important that you have plannned your budget accurately by taking under consideration all the costs applicable upon purchasing a property in Dubai. It is eventually your budget that determines what property you can buy and where. We encourage you to freely discuss your finances and your maximum purchase limit with one of your Bridges & Allies RERA licensed agent, so we can draw a master plan for your property search. At Bridges & Allies, we invest in determined individuals with a unique skill of winning bargains without compromising on our client’s most important requirements. The secret behind our success of winning most negotiations is that we enjoy doing it. You can count on us!
LOCAL EXPERTIES, QUALITY and TRUST is what every home buyer or investor eagerly looks for in their agent and fairly so because the agent takes the driving seat in the entire journey from searching that almost perfect property to delivering it with perfection. For first-time buyers in Dubai, the dependency on the Agent becomes lot more than one could imagine. You may know what property you need, but it’s your Agent who knows where to find it and how to make it yours. We, at Bridges & Allies believe in creating an experience for our clients filled with professionalism and not a bag of promises. Our RERA certified sales agents are specialized in specific ready and off plan communities to provide you with in depth local knowledge of existing available stock and the market trends that will eventually help you to achieve a broader outlook of the overall investment value now and in the next few years. Whether you are in UAE or abroad, you can always get in touch with one of our property experts by a click on your touch pad or a simple phone call to our board line. Your selected area expert will get in touch with you immediately and set up an appointment to discuss your requirement by meeting you in person or over a phone or video call. The expert will understand and assess your requirement carefully and prepare a master plan for a successful journey to find you a perfect home or an investment opportunity.
In no time after assessing your basic requirement and suitable properties, your agent will fix an appointment with you for viewing multiple properties or share property details, pictures, brochures, floor plans and all related materials for you to be able pick and choose from. We value the time you spend with us; hence you will be introduced to only such options and solutions that leaves you totally satisfied and allows you to quickly shortlist your favorites from the list.
As soon as you have identified the right property, an offer needs to be made by you. From here on our experts will do their job of landing you the price without hurting your pockets. Our area experts are confident negotiators with rich market knowledge gained from several successful transactions on regular basis. At this stage, while your agent is negotiating the deal for you, you must have your booking amount ready as a commitment to purchase the property as soon as your offer is accepted. After your offer is accepted by the property owner, you are required to secure the property immediately, by making the initial booking payment to the developer or by handing a 10% security cheque to your agent in the name of the property owner.
Congratulations! you have finally found and secured your perfect home with Bridges & Allies Real Estate Brokers.
Your agent will now assist you through the transaction procedure to successfully transfer your newly found perfect home under your name.
(7 steps procedure. Can take 3 weeks to 1 month)
PRE-APPROVAL
Before making an offer to the seller to purchase the property, it is highly recommended that the buyer has obtained mortgage pre-approval letter from his lending bank. Offers with mortgage pre-approval letter are treated as more genuine than the ones without.
SECURITY DEPOSIT
As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.
FORM F - MOU
Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.
PROPERTY VALUATION
Once the Form – F is signed by both the parties, buyer’s bank will appoint a surveyor to evaluate the property. A RERA certified surveyor inspects the property by physically visiting the actual property and then issues the valuation certificate to the bank, which is regarded as the true current value of the property.
Expected Time Frame: 2 business days to 1 business week.
FINAL MORTGAGE OFFER LETTER
As soon as the valuation certificate is issued and the valuation amount is accepted by the buyer, a final mortgage offer letter will be drawn up by the buyer’s bank for him to sign and accept the terms and conditions of the mortgage. As soon as the final offer letter is signed by the buyer, the buyer's bank prepares manager's cheques for the disbursement of the approved loan amount which will be a maximum of 75% of the mortgage value of the property for expats and maximum of 80% for UAE nationals. The maximum disbursal amount may however vary case to case without exceeding the maximum limit of 75% or 80%
Expected Time Frame: 2 to 5 business days.
DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER
Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.
Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.
PROPERTY TRANSFER
As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer or his bank must hand over to the seller, the manager’s cheques amounting to the full value of the property.
Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.
(10 steps procedure. Can take 6 weeks to 8 weeks)
PRE-APPROVAL
Before making an offer to the seller to purchase the property, it is highly recommended that the buyer has obtained mortgage pre-approval letter from his lending bank. Offers with mortgage pre-approval letter are treated as more genuine than the ones without.
SECURITY DEPOSIT
As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.
FORM F - MOU
Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.
SELLER APPLIES FOR LIABILITY LETTER
As soon as the Form F and the MOU is signed between both the parties, the seller applies for the liability letter to be issued by his bank. The liability letter specifies seller’s outstanding loan amount against the property due to be paid by the seller to settle the loan.
Expected Time Frame: Depending on the bank, the liability letter can take between 10 to 15 business days.
PROPERTY VALUATION
Once the Form – F is signed by both the parties, buyer’s bank will appoint a surveyor to evaluate the property. A RERA certified surveyor inspects the property by physically visiting the actual property and then issues the valuation certificate to the bank, which is regarded as the true current value of the property.
Expected Time Frame: 2 business days to 1 business week.
FINAL MORTGAGE OFFER LETTER
As soon as the valuation certificate is issued and the valuation amount is accepted by the buyer, a final mortgage offer letter will be drawn up by the buyer’s bank for him to sign and accept the terms and conditions of the mortgage. As soon as the final offer letter is signed by the buyer, the buyer's bank prepares manager's cheques for the disbursement of the approved loan amount which will be a maximum of 75% of the mortgage value of the property for expats and maximum of 80% for UAE nationals. The maximum disbursal amount may however vary case to case without exceeding the maximum limit of 75% or 80%
Expected Time Frame: 2 to 5 business days.
SELLER’s LOAN SETTLEMENT
Once seller’s bank has issued the liability letter and the final offer letter is signed between the buyer and his bank, buyer’s bank will settle seller’s full outstanding loan amount with his bank.
Expected Time Frame: 3 to 5 business days
SELLER’s MORTGAGE CLEARANCE LETTER
Seller’s bank will issue a mortgage clearance letter upon receiving full settlement of his outstanding loan amount towards the property. The mortgage clearance letter will be addressed to Dubai Land Department and the Developer and only be handed over to the buyer’s bank and not the seller. Buyer’s bank will also receive the original title deed of the property from the seller’s bank along with the mortgage clearance letter.
Expected Time Frame: Depending on the bank, the clearance letter can take between 10 to 15 business days.
DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER
Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.
Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.
PROPERTY TRANSFER
As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer or his bank must hand over to the seller, the manager’s cheques amounting to the full value of the property.
Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.
(4 steps procedure. Can take 1 week to 2 weeks)
SECURITY DEPOSIT
As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.
FORM F - MOU
Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.
DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER
Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.
Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.
PROPERTY TRANSFER
As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer must hand over to the seller, the manager’s cheques amounting to the full value of the property.
Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.
(7 steps procedure. Can take 6 weeks to 8 weeks)
SECURITY DEPOSIT
As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.
FORM F – MOU
Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.
SELLER’s LIABILITY LETTER
As soon as the Form F and the MOU is signed between both the parties, the seller applies for the liability letter to be issued by his bank. The liability letter specifies seller’s outstanding loan amount against the property due to be paid by the seller to settle the loan.
Expected Time Frame: Depending on the bank, the liability letter can take between 10 to 15 business days.
DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER
Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.
Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.
BLOCKING THE PROPERTY FOR MORTGAGE SETTLEMENT
Upon obtaining the NOC from the developer, both the parties with their respective agents must meet at one of the many RERA approved property registration trustee’s office to block the property. At this stage, the buyer is required to hand over to the seller, a manager’s cheque addressed to the seller’s bank of the value as mentioned in the liability letter, for him to settle the outstanding loan. Once this process is completed the property gets blocked by Dubai Land Department across all government services such as Ejaari, DEWA, Dubai Municipality etc. making it non-eligible for sale or rent to any third party.
SELLER’s MORTGAGE CLEARANCE LETTER
Seller’s bank will issue a mortgage clearance letter upon receiving full settlement of his outstanding loan amount towards the property. The mortgage clearance letter will be addressed to Dubai Land Department and the Developer and will be handed over only to the buyer and not the seller. The buyer will also receive the original title deed of the property from the seller’s bank along with the mortgage clearance letter.
Expected Time Frame: Depending on the bank, the clearance letter can take between 10 working days to 15 working days.
PROPERTY TRANSFER
As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer must hand over to the seller, the manager’s cheque of the balance amount of the property.
Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.
Property Registration fee is fixed 4% of the sale value of the property payable to Dubai Land Department through manager’s cheque on the day of transfer of the property.
AED 580 to Dubai Land Department as administration and knowledge fee through manager’s cheque on the day of transfer of the property.
Mortgage registration fee is 0.25% of the mortgage value plus AED 290, payable by the buyer to Dubai Land Department through manager’s cheque on the day of transfer of the property.
Islamic Mortgage
AED 1560 plus AED 315 is paid by the seller to Dubai Land Department as Mortgage Discharge Fee on the day of transfer of the property from seller to buyer.
Conventional Mortgage
AED 1290 plus AED 315 is paid by the seller to Dubai Land Department as Mortgage Discharge Fee on the day of transfer of the property from seller to buyer.
AED 1020 plus AED 525 is paid by the seller to Dubai Land Department as Property Blocking Fee on the day of blocking the property for mortgage settlement of the seller by the buyer.
Developer’s NOC is payable by the Seller directly to the developer upon submitting the application the developer. It can range between AED 500 to AED 5000.
AED 4,000 is payable by the buyer in cash, manager's cheque or credit card (if accepted) to Property Transfer Trustee as a Transfer Fee.
As per the market practice a minimum agency fee of 2% of the sale value of the property is payable by the buyer to the agency through manager’s cheque on the day of transfer of the property.
Note
**Off-shore companies who intend to buy properties must register first in Dubai - Free Zone; NOC is required from Dubai Land Department (DLD) if the buying company (Dubai registered) has an offshore company shareholder.
**All oversees off-shore company docs should be attested from the consulate of the country of origin and UAE consulate in the country of origin, legally translated in Arabic and then attested with Ministry of Foreign Affairs in UAE.
The pioneer of integrated communities in Dubai, Emaar Properties has set an impressive track-record in developing and delivering world-class homes in the UAE. Emaar’s path-breaking projects are today thriving lifestyle communities
