Buyers Guide: Purchasing property in dubai

What is the meaning of Oqood contract?

When the property is off-plan or under construction an Oqood certificate is issue by RERA under The Purchaser name that ensures the property is registered under the buyer’s name.

What Type Of Title Deed Will I Receive From LEOS International?

The title deed for any project constructed by LEOS International will be freehold, as the properties are located in officially designated freehold areas. This is recognized by the government and allows non-UAE citizens to purchase properties in Dubai in accordance with applicable local property laws. The units can be bought in exchange for a certain price, and the freehold ownership rights are permanent.

What Are The Costs Associated With Service And Maintenance?

The amount of maintenance fees varies depending on the annual costs and expenses of maintaining, operating and caring for common use areas within the complex. However, the SPA (Sales and Purchase Agreement) contains all information concerning the service maintenance & service fees.

Can I Include Or Exclude A Joint Owner From My Sale And Purchase Agreement?

From a legal point of view, the addition or deletion of names is considered a transfer in the text of the agreement, and accordingly, customers must submit a request to LEOS International to obtain a no-objection certificate by completing the addition or deletion of names in the property Oqood contract/title deed, noting that such actions will be recorded in the designated register at Dubai Land Department. An administrative fee will also have to be paid to the selling company and a transfer fee to the Land Department.

What Happens If My Sale Purchase Agreement (SPA) Is Lost?

You will need to go to the Customer Relations Management Department at LEOS International and sign a compensation form, and you will also need to provide us with either a police report or an affidavit signed in the presence of a notary, stating the reasons for the loss of the SPA. Your request will then be verified, and if the request is found to be valid, a new sales agreement will be issued, provided you pay a nominal fee of AED 3,000.

How Long Does It Typically Take To Get The SPA Document To Sign After Purchase?

For Off plan projects during the launch process, it will take at least 21 to 40 business days for the selling company to issue the sale and purchase agreement after the date of signing the booking form, given that all sales are subject to approvals and compliance with documentation requirements. The selling company must ensure that the advance payment, Oqood registration costs are fully settled before proceeding. all the needed requirements and the schedule will be included and explained at the reservation form.

What Does Snagging Inspection Mean?

It is an opportunity for you to visit your property Upon receiving the notification that the project is finished. During the tour, any matters requiring attention and care will be recorded in a checklist, for LEOS international, Quality Assurance Department to liaise with the contractor to ensure that all matters recorded in the checklist are corrected and amended (if any) (subject to acceptance by the Property Quality Assurance Department and Consultants).

What If I Want To Make Changes To My Property Or Unit?

As long as these modifications do not affect the exterior facade or structure of the property. But before any alterations can be made, you must first obtain a No Objection Certificate from LEOS international. However, this must be approved by LEOS International and other governmental Authorities, like RERA & Dubai Municipality. (If required)

Can I Rent Out My Property Once It Is Handed Over To Me?

When the transfer of ownership is finalized with your name on the title deed, you can rent your property.

Where Is LEOS International’s sales centre located?

The sales centre of the company is currently situated in Bay Square, Business Bay, Dubai, United Arab Emirates.

Do I Receive The Same Unit I Saw At The LEOS International’s Sales Centre?

In LEOS International’s sales centre, a mock-up unit is only set up to show what a completed unit will look like. Generally, it is furnished with representative furniture, fixtures, and other equipment. However, the unit you will receive will be exactly as specified in your SPA. Additionally, you should anticipate some minor adjustments in line with the relevant regulations and according to your SPA.

How Do I Get Possession Of My Unit?

As the project nears its end, LEOS International will advise the buyers of the date they can take possession of the unit through a completion notice, as specified in the sales and purchase agreement. They will ask the buyers to pay the purchase price and any other amounts owed. In addition, the buyers can inspect the unit and make a list of imperfections to be signed off by the project manager or their delegate.
Any imperfections that can’t be rectified before the handover date will be taken care of during the defect liability period. Nevertheless, the purchaser must still make the payments and occupy the unit on the handover date.
In case the buyer is unable to finish the payment, inspection, or take possession of the unit. In that case, LEOS International reserves the right to take suitable action per the applicable laws. In this situation, there will be no more inspection chances given. The buyers will be informed of the necessary documents and the process of transfer to finish the handover.

What Will The Property Owner Receive Upon Handover?

• The keys to the unit
• A log of important contact numbers
• A remote for vehicle parking
• Access card or biometric fingerprint to get into the building
• Vehicle security sticker (if it applies)
• The owner’s manual

Which Properties Can Be Registered With The Dubai Land Department?

Any transaction involving the acquisition, transfer, or alteration of Real Estate Property Rights must be documented with the Dubai Land Department.

Do Buyers Need To Be A UAE Resident To Own A Property in Dubai?

According to the current regulations, an individual does not need to be a local resident to own property in Dubai. There are certain areas where non-residents from abroad are permitted to buy properties, known as freehold areas. In this case, the buyer must provide all the necessary documents as the applicable laws demand.

What Documents Are Necessary To Register My Legal Rights With OQOOD Registration, And Who Is Responsible For Carrying Out The Process?

Once you have purchased a unit, the Customer Relationship Management (CRM) system will help you to obtain the necessary paperwork for registering the unit. The necessary documents may differ depending on the project, whether you are a local or foreign buyer or if you are purchasing as a company or legal entity. LEOS International has a specialized department that deals with the Dubai Land Department (DLD) and takes care of the registration process on behalf of the purchaser(s).

Is It Possible To Register My Property At A Later Stage?

In accordance with the Dubai Land Department (DLD), all units must be registered within (60 Days) from the date of signing the SPA. Therefore, buyers must promptly provide all the required documents to LEOS International to stop any fines from DLD. If you wait too long, the DLD will double the registration fees as a penalty.

How Will I Be Informed when My Registration Is Complete?

Upon registering the sale of your unit with the Dubai Land Department, LEOS International will get in touch with you to provide the registration documents, including the receipts for the fees you have paid. For international buyers, the paperwork can be either sent to them or picked up, but only upon explicit request from the buyer.

What Are The Fees & Mode Of Payment For Registration?

According to the Dubai Land Department (DLD), the registration charge for purchasing a unit is 4% of the cost and some administrative expenses. These charges may be adjusted by the relevant authorities as and when necessary. The ideal way to settle the fees is with a manager’s cheque made out to the Dubai Land Department in its name. If that is not possible, the payment can be made through LEOS International, who will then transfer the money to the DLD when the unit is registered.

Who Do The Registration Fees Get Paid To?

DLD requires a fee to register the owner’s legal claim to their property in the DLD registry.

How Does The Resale Process Work?

The Dubai Land Department (DLD) may adjust the reselling procedure at any time. The current process, however, involves the following steps:

• For off-plan projects, purchasers and the buyers that come after them need to reach out to the Customer Relations Management (CRM) Department at LEOS International to apply for a No Objection Certificate (NOC).
• The issuance of NOC depends on the prior purchaser having fulfilled their payments and any other conditions outlined by LEOS International.
• An administrative fee of AED 5,000 – 10,000], is also required to process the NOC and the Sales and Purchase Agreement (SPA).
• The purchaser must collect the NOC, fill out the Transfer of Ownership Form, and gather all the documents for the incoming buyer. Then LEOS International will take it from there, processing the transfer and arranging for the new SPA to be in the new purchaser’s name.
• As laid out in the policy of LEOS International, all payments due at the time of the NOC application must be settled before the NOC is issued.
• The transfer of ownership will be documented in the interim record maintained by LEOS International and then finalized at the Department of Land and Development, with the applicable fees payable directly to DLD.
• After the sale is completed at DLD, the new owner must supply a copy of their original purchase agreement with LEOS International to be updated.
• Any unit with a mortgage will be handled differently, depending on the respective banks’ standards and the particular situation.
• The Original Old SPA need to be handed over to LEOS international.

What Is The Payment Policy For The Project?

Buyers are urged to pay all their dues according to the payment plan given in their Sale and Purchase Agreement (SPA). If there is a delay or failure to make payments, it will lead to charges and other forms of action in alignment with the conditions of the SPA and the Dubai real estate regulations.

What Happens If The Purchaser Fails To Pay?

LEOS International will give the purchaser a 30-day window to make payment for any overdue sums. In the event that the buyer does not comply, LEOS International maintains the right to take all applicable legal measures.

How Can I Inform LEOS Of Any Changes To My Contact Information?

In order to communicate with LEOS International’s Customer Relationship Management Department, you can either utilize your registered email address or go to the sales centre. It would be best to promptly alert LEOS International of any alterations you have made to your address or telephone numbers, so you stay well informed.

Is It Possible To Take A Home Loan And Register The Mortgage Over The Property?

The buyer of the property has the option to take out a home loan and record the mortgage on the property after paying the necessary fee to Dubai Land Department. It is important to keep in mind that only banks or financial organizations authorized and registered with the UAE Central Bank are allowed to offer financing for the property.

Do I Have To Pay Value-Added Tax (VAT) On My Property?

According to UAE regulations, a newly built residential property which is being supplied for the first time or within three years of its construction is not obligated to pay any value-added tax. However, there still needs to be some clarification regarding the date of supply, whether it is the date of payment completion or the date of the house being finished.

Is It Possible To Purchase Property Under The Name Of A Free Zone Company?

It is possible to buy the property in the name of an approved free zone company, provided the necessary criteria set by the Dubai Land Department (DLD) and the applicable free zone authority have been met. To add the property to the Interim Property Registry, the sales team will provide instructions on the correct steps to follow.

How Do Principal And Joint Owners Differ?

There is no substantial difference between principal and joint owners as both are equal property shareholders unless notified otherwise to DLD. For instance, a property purchased by two friends could have a different percentage, depending on their contribution to the property. But if not specified, both parties will have equal rights. Any notices or communications sent to the Principal Owner will be considered as served to all involved owners as per UAE law.