Looking for a home in an exclusive residential community in the UAE, pay attention to Emaar Beachfront. The meticulously planned mastery of beachfront development is a unique blend of cosmopolitan living in a prime location and a serene seaside lifestyle.
The Emaar Beachfront development, consisting of 27 exceptional towers, offers a wide range of luxurious 1, 2, 3 and 4-bedroom apartments. Some apartments overlook the crystal blue waters of the Arabian Gulf, while others will have views of Dubai Marina.
Prices apartments in Emaar Beachfront are affordable to buy apartments for permanent stay as well as rent out. Both goals are easily fulfilled with the premium real estate in the district.
Purchase of real estate in Emaar Beachfront
It is no secret that it is not easy for an average buyer to navigate in the procedural aspects. In addition, the price of the question is quite high, and the possible risks in the registration of the transaction should be minimal.
Today we will look at the procedure of buying property in Dubai step by step and try to cover all the important aspects as much as possible.
Laws and legislation for buying property in Emaar Beachfront
Due to the rapid and immense flow of foreigners, the UAE introduced special laws to regulate the processes of deals. The governments of the country and the developers of the district in particular allow buying real estate in Emaar Beachfront sticking to some rules.
- According to the legislation of the Emirate of Dubai, foreign nationals who are not members of the Gulf Cooperation Council (GCC) have the right to directly acquire full ownership (“freehold”) of property in Dubai in specially designated areas, in so-called freehold districts. The list of such areas is established by the Dubai Ruler’s Decree No.3 of 2006.
- Real estate rights are registered in a special register by the Dubai Land Department, and owners are issued a relevant certificate of registration (so-called Title Deed).
- Registration of real estate transactions is carried out at the time of treatment of the buyer and seller, and immediately the buyer receives a registration certificate certifying ownership of the acquired property. This procedure of “immediate” registration maximizes the simplicity of the procedure of buying and selling real estate and minimizes the risks of both the seller and the buyer.
- Compliance with the legislation is monitored by a special agency for the regulation of the real estate market in Dubai (RERA). In particular, it is responsible for the registration of real estate projects, as well as the compulsory registration of developers, real estate agents and the agents themselves.
The algorithm of buying real estate in Emaar Beachfront
Selecting an apartment for the purchase
The easiest and most effective way is to contact any of the real estate agencies operating in the Dubai market. The fact is that almost no real estate transaction in Dubai, as well as in the rest of the world, takes place without the participation of agents. It is in real estate agencies, most often referring to customers who want to rent, lease, buy or sell real estate.
Working in the market, real estate agents like no one else have information about who wants to rent, lease, sell or buy for how much. In most cases, the real estate agency is a third party in the transaction between the seller and the buyer, guaranteeing the interests of both.
However, you should keep in mind that not all professional participants in the market are properly registered and operate legally.
Signing a contract
In general, the contract of sale of real estate must meet the following basic requirements:
- The contracts in English are widely accepted and accepted without translation. An exception is the prosecutor’s office, the police, and the court authorities, where translation into Arabic is a requirement.
- Contain the main terms of the transaction such as the object of the sale, the price of an apartment, extra taxes, the period of sale completion, etc.
It is worth noting that in most cases outside lawyers are not required to draw up an agreement on the sale of real estate. As a rule, qualified employees of the real estate agency conducting the transaction are able to prepare such a contract on the basis of standard forms approved and used in the activities of the company.
Paying a deposit (usually 10% of the purchase price of the property)
Usually, the deposit from the buyer is taken by the real estate agency and holds it to himself until the final settlement and registration of the transaction at the Land Department. For the buyer, it guarantees the return of the deposit, if the deal does not take place through the fault of the seller. And the seller, in turn, can count on the payment of the deposit as compensation if the deal does not go through the fault of the buyer.
1. Obtaining the permission to sell property from the developer (No Objection Certificate, NOC), which is necessary to register the transaction with the Dubai Land Department
2. After permission to sell is obtained, the seller and the buyer register the property in the name of the new owner with the Land Office. Usually, at the time of registration, the settlement of the transaction takes place.
The role of a notary in a deal
If you do not have the opportunity or desire to be personally present at the Land Department at the time of registration of the transfer of rights, you can delegate your authority to register the property in your name to any other person by executing a notarial power of attorney.
This can be done e.g. at Dubai Courts Notary Public. The cost for the notary is AED 60 (approx. $16) plus AED 150 (approx. $41) for the service of typing the power of attorney in English and Arabic.
The help of a real estate agency in Emaar Beachfront
Emaar Beachfront is an alluring neighborhood for foreigners. To avoid hidden confusion and misunderstandings in buying real estate abroad, contact Ax Capital. With this trusted real estate agency you will have nothing to worry about. Do not wait to make a step towards a home in the stunning Emaar Beachfront.
