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Property Purchase or Sale Entails Few Features

  • January 5, 2019
  • ammad zeb
  • Comments Off on Property Purchase or Sale Entails Few Features

Dubai real estate market is subjected to keep on experiencing the stability and impressive growth this year just like it did in 2015. This can be attributed to the happening of multiple key factors such as the position of Dubai as a top saleable and tourism hub, with the increase of captive population, strengthen attraction between multinational investors, and funding management of large cadre projects. Real estate companies must be provided with the beneficial opening for taking the advantage of the opportunity by the real estate lawyers in Dubai.

Transference of Dubai

Transference is a legal term used in the business world regarding the sale or purchase of the property. Most of the public cherish this and found it reliable and easy to deal with.

The ownership of the property must be transferred to the required person with whom the agreement is made, which is the transference. This is a legal document that sets the legal attributes of property rights transfer. Barely, it is the agreement made between two parties in which they sign the contract regarding the buying and selling of the property, the selling price, the transfer, accountability, and duties of both parties etc.

Research about the Land Purchase

It is necessary to investigate and give assurance of the piece of land has been sold or purchased legally on the behalf of buyer property and as well as on the seller side. You can avoid imminence like legal hazards regarding ownership of the land as well as defrauding person who may sell property that is not for sale to ingenuous buyers by following the above instructions.

 

Property Transferencing movement

Property Transference is a widely known act in Dubai, and that is why there are compulsory steps to be taken for the fulfillment of Transference in a uniform and accurate way, for supervising these matters and handling procedures you will need the real estate lawyers.  Individual with having notary that is expert in the transference or know the procedure of successful Transferencing needed to be done would always do well. People who are not well aware of the United Arab Emirates (UAE) must not be handled with legal matters, because huge consequences can be faced by a single error or mistake.

Two Types of Property

There are two main types of property, which are known as real property and personal property; some people call it movable or immovable property. Different investors and individuals in the UAE compose these two types.

Further Procedure for Achieving Property

Having down payment is diverse, plus installments, with achievement or handing over to the property is due upon last or final installment. The property must be indexed with the Dubai Land Department after the completion of installments. The land registry fee should be paid which is equal to 1.5% of the attaining price of the property. For the maintenance of the property like any necessary plumber work or electrical repairs, cleanliness of the site, and security the owner should look forward to the payment of yearly property upholding or maintenance fee.