A Guide to Sales Progression in the United Arab Emirates.
Congratulations on your new purchase of Property. 🎉
We know that buying a property is not always easy; if you are the buyer or the seller there are always timelines and consuming tasks, which if not completed correctly, could jeopardise the property transfer.
As conveyancers we deal with all parties to co-ordinate the sales progression including buyers, sellers, both discharging and incoming mortgage lenders, developers, tenants (if the property is tenanted) and the government authorities required to complete your property transfer.
Regardless of whether you are a seasoned property owner or new to the process, the services MAK provide can make the entire procedure easier for all parties involved.
As Conveyancers, We Will assist and help:
Identify problems and find solutions to ensure a smooth transfer of your property.
Provide a detailed breakdown statement of transfer figures.
Provide constant communication so you are aware of your responsibilities.
Act as Power of Attorney (POA) if you are unable to attend any of your required responsibilities.
Attend the final transfer and guide all parties through the sales progression seamlessly.
What to expect as a Seller.
As conveyancers we will walk you through the process and what is required of you.
Providing the most accurate and up to date information is needed for a smooth a transfer as possible of your property.
If there is a mortgage, is it the most current title deed?
Are you a cash seller?
Is there a tenant or will the property be vacant?
Have you (or any previous owner) completed and modifications or renovations on the property that may require and NOC from the developer or Dubai Municipality?
These are among the questions that should be answered in the special conditions of the agreement of sale before you sign.
During the course of the sales progression the conveyancer may ask you for copies of documents and the for a seamless transfer of your property clear copies are always the best to provide.
Our conveyancers will keep you well-informed of the current property laws and regulations and ensure that you meet all the legal requirements to transfer your property.
What to expect as a Buyer.
As conveyancers we will walk you through the steps for buying your property.
Providing the most up to date and accurate information is imperative to allow for a seamless purchase.
Should you be purchasing with cash, making sure the funds are cleared in your account at least 4-5 working days prior to transfer is best practice. You will be required to draw funds and have your bank prepare managers cheques. If you are clearing a seller’s mortgage your cleared funds will need to be available within five (5) working days after signing the agreement of sale for your property.
Should you be purchasing with a mortgage, the pre-approval should be in place before signing an agreement of sale for your property. The conveyancer and the mortgage lender will be in contact throughout the process and of course, keeping you, as the buyer, in the communication at all times.
Download A Summary of Payments for Property TransferS.
Expected time scales.
Cash Seller & Cash Buyer:
2-3 weeks from the date the file is received by MAK. This is subject to any third-party delay.
Cash Seller & Mortgaged Buyer:
4-5 weeks from the date the file is received by MAK. This is subject to any third-party delay.
Mortgage Seller & Cash Buyer:
6 weeks from the date the file is received by MAK. This is subject to any third-party delay.
Mortgage Seller & Mortgaged Buyer:
6-8 weeks from the date the file is received by MAK. This is subject to any third-party delay.
Ready to begin your transfer?
If you have any further questions about conveyancing in the United Arab Emirates, please do not hesitate to get in touch with our team here. We would love to assist you.