Time for reading: 2 min
The buying process of real estate in Dubai depends largely on the type of puchase. It could be cash purchase or mortgage loan, buying ready to move in or off-plan property. But regardless of whether one buys from an individual, legal entity or developer, the full process will follow certain rules that determine the payment plan, the required documents, as well as the down payment.
First of all, one should select a property unit and make an offer to the owner through a real estate agent. After the offer is accepted and all of the ownership documents are carefully reviewed and checked, an invoice for an advanced payment of 5% to 10% to reserve the property can be issued. The deposit amount may vary from AED 5 000 to AED 37 000 depending on the total price for the chosen property and will be included in the initial payment. This invoice must be paid only to the owner of the selected property.
Once the deposit is paid, the owner remove the property from the marketplace, while the real estate agent prepares a purchase contract, known as Form F. In this instance, the deposit must be kept by a third party until the end of the transaction. So in case the buyer will cancel the purchase, the seller will receive guaranteed compensation for the loss of time and efforts. For the down payment deposit, one should open a personal account in any bank of the UAE. After that, buyers can make a down payment by check or credit card, Visa or Mastercard, directly in our office.
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