Be it buy, sell or rent, handing over a property in Dubai has a set of norms that must be followed in a city like Dubai. Keeping this in mind, we at Luxury One have listed out a set of points to guide you through the process of property handover in the best way possible. Continue reading for more.
This is the first stage in the property transfer process. When the building is finished, the developer will send you a completion notification. In most cases, it is delivered to the buyer’s postal and email addresses, which they entered when they purchased the property. The buyer must complete the handover requirements within 30 days, according to the developer. Otherwise, they may face repercussions. The developer’s duties or qualifications are often listed in the competition announcement. Before taking ownership of the new property, the buyer must fulfill these duties.
A thorough physical assessment of your new house before moving in may save you a lot of trouble in the long run. It enables you to detect any flaws in the property and notify the developer, who will be responsible for rectifying them before you take ownership. It is critical that you properly check the property to ensure that no defects are overlooked. Making a documented list of the prominent difficulties is the proper technique. After inspecting the property, send this list to the developer. They will then forward it to the contract so that all concerns may be resolved as soon as possible. Keep a copy of this list with you at all times. It might be useful for any later follow-ups. It is sometimes referred to as property snagging. It’s not required, but it’s highly suggested. One of the most common real estate blunders is failing to do so. You must complete it before signing the transfer documents. Doing so after the property has been handed over might be difficult. You may need to make several follow-up calls to the developer in order for them to resolve the widespread issues. If you do not provide snagging services within the prescribed time frame, you must relinquish your entitlement to a property inspection. This entails accepting the newly bought property in its current state. It will be your obligation to take care of any remaining repair work. If you are new in Dubai, you should think about employing professional snagging services. They will be able to uncover faults that you may not be able to see because they have experience and skill in evaluating properties in Dubai.
Notice of Property Handover
Your developer will send you a property handover notification once the contractor has finished the repair/rectification procedure based on the list you gave. This letter informs the buyer that an appointment with the developer’s handover team is required to finish the processes and take ownership of the property.
Clearance of Payments
The completion announcement is accompanied by a handover package. It comprises the buyer’s account statement or property completion information with the developer, which outline how much the buyer has paid and how much is still owed before they can take ownership.
In general, closing expenses include:
Depending on the contract’s terms and circumstances, the buyer is expected to clear any outstanding final dues from the total amount. Any fines imposed on the buyer for late payments must also be resolved during this step. Furthermore, if the customer fails to make the last instalments on schedule, they may face additional late payment penalties.
Fees for Oqood
Oqood is an Arabic term which means “contract.” This is the process of pre-registering a property with DLD (Dubai Land Department). All off-plan sales are required by law to be registered with DLD. These registrations are recorded in the Oqood system. The buyer must pay an AED 1040 Oqood charge. This number includes administrative and knowledge fees. Furthermore, a standard unit registration fee of 4% of the property acquisition price is levied.