Off-plan or under construction most investors prefer off-plan since they can buy an apartment for a cheaper price compared to the market price and you also get flexible payment plan for example (2-5 years post-handover plan ).
2-4% Dubai land Department fees waiver off.
Please note : To avoid been subjected to the risk of the project not been handover over, you should only buy from a reputed developer with the guidance from your agent.
Note that Make sure all the payments you make are going into an Escrow account registered with the DLD.
Procedure for sale
- Get the offer letter /booking form \reservation form
- Before you finalize the unit, make sure you ask for an offer letter. The offer letter is like a quotation, with all the details of the unit, like the area, the price, number of bedrooms, payment plans etc.
- Make the down payment
- Once all the finances have been sorted, you need to make a down payment. Make sure you get the receipts and a copy of the reservation form signed by the developer.
- Sign the Sales and Purchase agreement
- You will then sign a Sales and Purchase agreement (SPA).The developers will then send the purchase for registration to Dubai Land Department.
- You will then receive the initial title deed(Oqood). Make sure your property is registered with the land department as soon as possible.
- Monitor the progress regularly by logging into Dubai Land department website and then click on project track status .
- Make sure your payments are made on time to the Escrow account provided , with receipts for record-keeping.
- Final payment and handover
- Before you pay the final amount, you will be asked to go for a snagging of the apartment. If you are satisfied with the development, you can make the final amount. If there are aspects of the construction that were promised but have not been completed you have to make sure that they are fixed, and then you pay the final amount.
- After the final payment is made, the developers will give you the handover letter where it mentions that all the payments have been completed.
Additional informations
1.Dewa registration fees (Connection fees for electricity and water)-AED 2,230
2.Some building there Is Empower (which registration cost is around AED 2,130 dirhams) and others the chiller bills is included with the Dewa bills or service charges.
3.Buying a property valued more than AED 2,00,000 million you qualify for a Golden Visa residency visa
4.No agency fees charges for off plan sale
