Dubai Property Resale

Dubai Property Resale

Dubai Property Resale

Dubai property resale could be done by assigning agreement to anybody, who would take hold of the payments to be made to the developer. For any Dubai property resale a premium of 8%-10% could be expected. A premium is the profit between the selling price and the original price.

Apart from the Dubai property resale price the other purchasing costs include transfer fee that is to be made to the developer, which usually ranges between 1-7% of the original price.

Property guide

The Dubai Land Department has issued the Freehold Property Guide to wipe away the uncertainty over buying and registering property in Dubai. The additions made to the property law this year points out specific areas where the non-UAE residents can buy freehold properties.

The major developers have branded areas, but land is officially registered under different names", said Sultan Butti Bin Mejren, Director-General, Land Department.

The 168-page guide provides vital information such as the full list and map of the designated freehold areas. Besides, it supplies guidelines for buyers and sellers on the procedures for property and mortgage registration. The handbook also has a checklist of all the essential steps for transaction and completing documentation.

Tenant rights

Before a Dubai property resale, keep in mind that the tenant has the right to a decent place to live. The law says that your rental apartment must be livable. By law, for a place to be unlivable or "un-tenantable," the problem must be substantial and may include: A lack of waterproofing and weatherproofing (broken windows, for example), Poor plumbing, Insufficient hot and cold running water for bathing and cleaning, Electrical lighting that is not in good working order, Unclean grounds and building, Roaches and rodents, Too few trash cans for your garbage.

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