Step By Step Guide To Buying Off Plan
1Register With an Off Plan Real Estate Company
Buying off plan property is the easiest buying process in Dubai. However we always recommend by going with a Real Estate company. Your agent will be working for you, by representing you and making sure everything is in order with the contracts and his previous experiences with developers etc. A good off plan agent will be registered with all off plan projects and developers in the market giving you the best variety of choice.
2Work Out What You Are Looking For
Buying off plan you don’t get to see the physical property itself. Work out what requirements you need, facilities you would like the building or community to have, locations, views and sizes.
3Find The Right Home
Your agent will match your needs and requirements to available projects. Your agent will give you all the information, floor plans, payment plans, brochures, videos etc. Some developers also set up mock apartments to show you materials being used with layouts and sizes. Your agent will take you at request along with a site visit if possible.
4Once Found The Right Project
You will go with your agent to the developer’s sales office. You will choose exactly which unit you and reserve it by signing a contract with the developer to purchase the property. This contract is called an SPA. You will be required to make an initial deposit usually in the range of 10 – 20%. You will need to take passport copy. Also required within 30days a 4% DLD title registration fee and AED 1,000 aqood fee is required to be paid.
5Keep Making The Payments
You will be required to keep up with the payments as per the payment plan in the contract until the property is handed over to you as per the contact. Re selling is usually allowed if required during the contract term.
On handover at the end of the contract you will be required to inspect the property for any snag issues that need to be addressed. Once finished final payment will need to be paid and you will receive your access cards and keys.
Start Move In Process