Real Estate

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+971 52 886 5288

info@startupvillage.ae

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Buying and selling services

  • Extensive experience of international property sales
  • In-depth assistance in paperwork and negotiations
  • Equal experience in highly complex & standard transactions
  • Comprehensive client representation
  • End-to-end due diligence
  • Help from internationally trained and experienced lawyers

Is it easy to buy property in UAE? Can I buy a property in the UAE if I am an expatriate? Questions like these are common and we, at Start-up Village is ready with the answer. Be it any of the seven autonomous emirates: Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Fujairah, Umm al Quwain, or Ajman – we will help you buy property with ease.
It’s important to understand the twin legal system which includes local judiciary, and the federal judiciary differentiates the laws in each emirate regarding residential property matters. An amendment made to the Abu Dhabi real estate law in 2019 has made it possible for all foreigners to own the freehold of land and properties purchased in investment zones. However, if you are an expatriate living in Dubai, you can only buy a leasehold property or a freehold property in one of the 23 freehold areas. This ranges from Al Barsha South to Emirates Hills, Jebel Ali, Sheikh Zayed Road, Dubai Marina, Palm Jumeirah and more. To buy a residential property in Dubai the procedure is slightly different depending on whether you are purchasing an off-plan property from a developer, or a home from a private seller.
For most people, purchasing a property is the most important step they will make in their lifetime. And no matter what country you buy real estate in, risks thrive. The usual steps for a resale purchase and off-plan purchase are different. The paperwork highly varies and you run the risk of running into trouble if you do not use a professional conveyancing lawyer.
Off-plan property buyers are predominantly susceptible to certain dangers, such as inconsistent build quality, market deviations that upset property value over time and so on. However, one of the most exasperating aspects of purchasing a property off-plan is waiting for project completion. When it comes to buying an existing property, you will need to be clear on whether your prospective home is freehold or leasehold. Being unaware of what each type of property ownership entitles you to can lead to extreme disappointment in the future.

The Start-up Village advantage

What differentiates our property team from most of the other players in the market is our experience in pulling off both highly complex and standard transactions. Our services have proved a world of difference to both expatriates and UAE nationals when it comes to buying and selling of their residential property. We always carefully understand your challenges related to residential conveyancing matters as home represents not just a place to live, but the most significant financial purchase you will ever make. With the pandemic causing mobility issues, we are fully set up for video calls if you can’t make it in person. Rest assured, our highly responsive lawyers are always at your service.

Documentation Assistance

  • Explaining and drafting the Memorandum of Understanding (MOU)
  • Advising clients on any potential special conditions
  • Ensuring all maintenance and service fees payment
  • Complete handling of developer’s requirements for NOC application
  • Drafting and confirming the final transfer documentation
  • Handover of off-plan property

Many stark problems in real estate, particularly pertaining to rogue developers and late completions were exposed in the last global financial crisis. Ever since, documentation has been an important part of buying and selling property and has been given predominant focus by the authorities.
Let’s look at the difference in documentation for resale purchase and off-plan purchase.

For a resale purchase these steps are followed:

  • Terms are agreed by the seller and buyer
  • A Memorandum of Understanding (MOU) is signed detailing terms of the agreement and is not exactly legal at the stage
  • A deposit which is commonly around 10% is paid
  • The buyer obtains a mortgage if required
  • The formal transfer of deeds takes place
  • The buyer should pay the full purchase price at this time

However, for off-plan purchases, the process varies:

  • A reservation form is documented and filled
  • The document becomes a go to guideline for basic terms and conditions of the sales agreement.
  • The details of the payment plan, and the buyer and seller’s personal details are entered
  • A deposit between 5-20% is paid
  • The sale and purchase agreements are drafted
  • This is legally binding on all parties
  • The buyer obtains a mortgage if required
  • The deeds of the property are transferred. This is done at the developer’s office if the property has yet to be completed, or at the Land Department offices if the property is already registered
  • The full purchase price must be paid at this time

    • As you notice, the slightest mistake or overlooking any document at any stage can delay or call off sales and purchases. At Start-up Village, we handle all aspects of documentation assistance including drafting contracts and agreements, negotiations, and title registration.