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The purchase of a villa, apartment or apartment in the UAE by persons who are not of Arab origin is permitted only in a specifically designated area.
Real estate located in Dubai provides great opportunities for foreigners. This is not only about successful investment in the future and obtaining resident status in the country. It also becomes possible to acquire a residence permit in a developed country and run a successful business without having to pay taxes. It is for this reason that it is worth figuring out how to buy apartments in Dubai, taking into account generally accepted rules.
What is the difference between buying foreign real estate and domestic real estate?
Purchasing an apartment in the designated region has some differences with a similar procedure in Russia. Initially, the object of interest is selected. But do not forget that the purchase of a villa, apartment or apartment in the UAE by persons who are not of Arab origin is allowed only in a specifically designated area.
This refers to the Free Zone, Freehold plots, where residential squares are transferred into unconditional ownership for a certain payment, which gives the owner certain rights. In such cases, the foreigner:
- becomes full-fledged property owners;
- disposes of it at his own discretion: from renting, donating and resale to leaving as an inheritance.
During the preparation process, a cash deposit is usually made. But a special Memorandum of Understanding document is also concluded in the Emirates. It records the transfer of the deposit to the seller and determines the exact conditions for the upcoming transaction.
You cannot do without signing a Certificate confirming the absence of objections. It is usually filled out at the developer’s office and indicates the absence of any monetary claims against the seller.
Features of the contract
At the next stage, a purchase and sale agreement is drawn up with subsequent registration of ownership. Such a document is usually completed in English and Arabic. There is no need for strict notarization. As for the main points, they are similar to similar provisions of the contract signed in Russia during a real estate transaction:
- address of the object in question;
- declared price;
- detailed procedure for settlement between participants in the process;
- the procedure for transferring real estate to a new owner.
If housing is under construction, the time frame for its expected completion must be specified. The responsibility of the developer in case of violation of the stated conditions is clarified.
