Invest Wisely & Purchase Suitable Property

The year 2006 was of high significance for expat community of property buyers, sellers and investor; that is when Dubai, hitherto like any other place in the Middle East which did not encourage foreign investment in real estate, threw its door open to expats to freely buy, sell and rent properties.
Well it is one thing for the law of the land to allow free holding of properties and investing in properties is altogether another, perhaps, more critical issue. Like everything else in life, proper planning is essential for smooth conduct of business related to buying of property for sale in Downtown Dubai.
Which one to buy
The nomenclature used to describe technical things across the world is different from one place to another. The good starting point therefore, is to understand the local terms and their meaning before venturing in to investment. Take for example in Dubai, the term ‘off-plan’ refers to dealing in properties directly from the developer, whereas, ‘resale’ refers to buying from individual or corporate which already owns the property.
When entering into off-plan purchase, one has to pay attention to several things; few important one’s are listed below;
The first step is reservation form – wherein the basic information related to the property along with details of purchaser’s personal information as well as that of the developer is provided; this becomes the base for the sale agreement.
At the time of filling the reservation form, a deposit in the range of 5 to 15 percent of the total value is paid as a precursor to drafting of the purchase and sale agreement.
Since off-plan purchase refers to buying from developer, the property in questions may still be under constructions. In such cases, ensure that date of completion and handing over the property etc. are clearly defined.
The transfer of interest in the property is done once the construction is over; typically, if the property is already registered, then the Land development office will come in to the picture else, the transfer takes place in the office of the developer.
Another variation for buying a property in Dubai is when property is when bought from a private seller; one has to enter in to a Memorandum of Understanding which clearly lays out the details of the transaction. Few extra precautions to be taken such as verifying the property condition, legal ownership details etc. Link here for more details about properties available in Dubai for sale.
Experts help
When one is buying a property in Dubai, it is not only advisable but desirable to enlist the help a good property agent who is licensed to deal in such matters. This is done not only to hunt the right property to suit one’s budget and requirement, but also to deal with legal issues and paper work related to the transaction.