Go Back  British Expats > Living & Moving Abroad > Middle East
Reload this Page >

Buying property in Dubai - what is the process?

Buying property in Dubai - what is the process?

Old Sep 4th 2007, 11:12 am
  #1  
BE Enthusiast
Thread Starter
 
Robbies's Avatar
 
Joined: May 2007
Location: UK... for now...
Posts: 355
Robbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really nice
Default Buying property in Dubai - what is the process?

Hi

Trying to understand what the process is with regards to buying property in Dubai (not buying direct from the developer though)

From what I can gather, its along the lines of:

1) Negotiate with an seller, either direct or through an agent and come to agreement on price and exchange date (generally 6 to 8 weeks time)

2) Once you have come to an agreement, a memo of understanding (MEU) is drawn up, meaning the seller cannot increase the price or sell to anyone else.

3) Handover a deposit of X AED to the agent

4) You then have the 6 to 8 weeks (whatever was agreed) to come up with the mortgage funds (generally takes 2 to 3 weeks for the bank to do this)

Is there anything missing?

Thanks
Robbies is offline  
Old Sep 4th 2007, 11:24 am
  #2  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Robbies View Post
Hi

Trying to understand what the process is with regards to buying property in Dubai (not buying direct from the developer though)

From what I can gather, its along the lines of:

1) Negotiate with an seller, either direct or through an agent and come to agreement on price and exchange date (generally 6 to 8 weeks time)

2) Once you have come to an agreement, a memo of understanding (MEU) is drawn up, meaning the seller cannot increase the price or sell to anyone else.

3) Handover a deposit of X AED to the agent

4) You then have the 6 to 8 weeks (whatever was agreed) to come up with the mortgage funds (generally takes 2 to 3 weeks for the bank to do this)

Is there anything missing?

Thanks
I don't know, not bought out here. Miss Eck has just bought, she will be around to tell you I a sure. Where you buying?
Blue Cat is offline  
Old Sep 4th 2007, 11:26 am
  #3  
 
Joined: May 2007
Posts: 4,990
beebee is an unknown quantity at this point
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Robbies View Post
Hi

Trying to understand what the process is with regards to buying property in Dubai (not buying direct from the developer though)

From what I can gather, its along the lines of:

1) Negotiate with an seller, either direct or through an agent and come to agreement on price and exchange date (generally 6 to 8 weeks time)

2) Once you have come to an agreement, a memo of understanding (MEU) is drawn up, meaning the seller cannot increase the price or sell to anyone else.

3) Handover a deposit of X AED to the agent

4) You then have the 6 to 8 weeks (whatever was agreed) to come up with the mortgage funds (generally takes 2 to 3 weeks for the bank to do this)

Is there anything missing?

Thanks
Thats just about it.. I would sort your mortgage first tho..
beebee is offline  
Old Sep 4th 2007, 11:30 am
  #4  
BE Enthusiast
Thread Starter
 
Robbies's Avatar
 
Joined: May 2007
Location: UK... for now...
Posts: 355
Robbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really nice
Default Re: Buying property in Dubai - what is the process?

Yes, we have a verbal confirmation on the mortgage - they just need evidence of what we gave them as details and they will give us the approval certificate. Any idea how long this takes to come through?

We're keen to get negotiating to come to an agreement, but the risk of the mortgage is holding us back a bit.... We've got a verbal number, but nothing on paper yet.

Location....

That's a secret until its all sorted - don't want to jinx it
Robbies is offline  
Old Sep 4th 2007, 11:34 am
  #5  
BE Forum Addict
 
Cham128's Avatar
 
Joined: Jul 2007
Location: London and Dubai
Posts: 1,072
Cham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to beholdCham128 is a splendid one to behold
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Robbies View Post

(generally takes 2 to 3 weeks for the bank to do this)

Cham128 is offline  
Old Sep 4th 2007, 11:41 am
  #6  
BE Enthusiast
Thread Starter
 
Robbies's Avatar
 
Joined: May 2007
Location: UK... for now...
Posts: 355
Robbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really nice
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Cham128 View Post
Yes, my experience of banking here is not crash hot! But, if 2-3 weeks is unrealistic, surely less than 6 weeks is?? It's Barclays so hoping they are not as bad as some….
Robbies is offline  
Old Sep 4th 2007, 1:13 pm
  #7  
TA5
Banned (Always Correct)
 
TA5's Avatar
 
Joined: Aug 2004
Posts: 941
TA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond reputeTA5 has a reputation beyond repute
Default Re: Buying property in Dubai - what is the process?

You forgot the most important part, buying a life insurance policy so when you lose all your investment in a worthless apartment you can kill yourself knowing your wife and kids will have some dosh...
TA5 is offline  
Old Sep 4th 2007, 2:37 pm
  #8  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Buying property in Dubai - what is the process?

Originally Posted by TA5 View Post
You forgot the most important part, buying a life insurance policy so when you lose all your investment in a worthless apartment you can kill yourself knowing your wife and kids will have some dosh...
PMSL!!!
Blue Cat is offline  
Old Sep 4th 2007, 7:48 pm
  #9  
Account Closed
 
Joined: Jul 2007
Posts: 7,028
lionheart is an unknown quantity at this point
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Robbies View Post
Yes, we have a verbal confirmation on the mortgage - they just need evidence of what we gave them as details and they will give us the approval certificate. Any idea how long this takes to come through?

We're keen to get negotiating to come to an agreement, but the risk of the mortgage is holding us back a bit.... We've got a verbal number, but nothing on paper yet.

Location....

That's a secret until its all sorted - don't want to jinx it
Unless you already reside here, it would be wiser to check the location with us guys to make sure you are not being duped...also get legal advice to ensure you are buying from the real owner and that, like several apartment blocks in town, it won't be pulled down next month.
lionheart is offline  
Old Sep 5th 2007, 3:12 am
  #10  
BE Enthusiast
Thread Starter
 
Robbies's Avatar
 
Joined: May 2007
Location: UK... for now...
Posts: 355
Robbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really niceRobbies is just really nice
Default Re: Buying property in Dubai - what is the process?

Ah, my wife and I moved to Dubai about a month ago now, so we have been to see a number of houses now. We're just now in a position to go ahead (well, as soon as we have the mortgage confirmation)

Life assurance is required for the mortgage
Robbies is offline  
Old Sep 5th 2007, 6:51 am
  #11  
Pog mo thoin
 
Miss Eck's Avatar
 
Joined: Jan 2006
Location: Dubai
Posts: 4,103
Miss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond reputeMiss Eck has a reputation beyond repute
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Robbies View Post
Ah, my wife and I moved to Dubai about a month ago now, so we have been to see a number of houses now. We're just now in a position to go ahead (well, as soon as we have the mortgage confirmation)

Life assurance is required for the mortgage
Hi

Once you get your mortgage approval then you can make your offer to the seller. When the sale price is agreed you sign the MoU. I have a copy of mine I can send to you if you want to peruse the content. I added in a few extra clauses. If you pull out, you lose your deposit. If the seller pulls out they must return the deposit and pay a penalty to you as well (generally of equal amount).

Upon signing the MoU, you hand over your deposit, usually 10% of the purchase price, but you can negotiate on this and the seller may accept 5% or even less. My deposit cheques were made payable to the seller and she cashed them immediately. You can also hand the deposit over to the agent.

If the seller already has a mortgage on the property then it draws out the process slightly. From viewing to doing the transfer the whole process has taken me about 5 weeks. I had my mortgage approval in place and getting that was pretty quick (around 7-10 days I think).

The only hiccups along the way were:
1) The bank kept misplacing paperwork and failed to ask for things in one fell swoop so I was continuously popping in to the branch.
2) The agent was useless and when we faced any hurdles they really did not know how to negotiate things with the seller.

Some lenders require you to have life insurance - this is for your peace of mind anyway if you have a joint mortgage.

Please feel free to PM me if you have further questions and if you require sight of the MoU, please send me your email ID.

Good luck with your purchase.
Miss Eck is offline  
Old Sep 9th 2007, 9:16 am
  #12  
peterparker
 
Joined: Sep 2007
Posts: 196
Sabi Star is an unknown quantity at this point
Default Re: Buying property in Dubai - what is the process?

Re - lawyers . I am considering buying in Dubai. Saw the list of lawyers on British Embassy web site for this area. Is James Berry & Associates the only firm dealing with private property purchases? Their fees seem to be a min. of £2,000 for "full" services - which includes checking who the vendor is
( helpful!). Also, any one know any good estate agents -I am looking for a re-sale or very near completion?! Thanks
Sabi Star is offline  
Old Sep 9th 2007, 10:26 am
  #13  
Bored liberal
 
Meow's Avatar
 
Joined: Feb 2007
Location: Over there ----->
Posts: 13,704
Meow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond repute
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Robbies View Post
Ah, my wife and I moved to Dubai about a month ago now, so we have been to see a number of houses now. We're just now in a position to go ahead (well, as soon as we have the mortgage confirmation)

Life assurance is required for the mortgage
You need to talk to me then!

UAE & UK authorised independent financial adviser - and highly qualified (unlike most). I may also be able to help with a mortgage.

Oh & I'm a nice person too -not a shark!

Meow is offline  
Old Sep 9th 2007, 12:57 pm
  #14  
Concierge
 
Blue Cat's Avatar
 
Joined: Feb 2007
Posts: 29,625
Blue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond reputeBlue Cat has a reputation beyond repute
Default Re: Buying property in Dubai - what is the process?

Originally Posted by Sabi Star View Post
Re - lawyers . I am considering buying in Dubai. Saw the list of lawyers on British Embassy web site for this area. Is James Berry & Associates the only firm dealing with private property purchases? Their fees seem to be a min. of £2,000 for "full" services - which includes checking who the vendor is
( helpful!). Also, any one know any good estate agents -I am looking for a re-sale or very near completion?! Thanks
I know Jim personally, I can't recommend him strongly enough
Blue Cat is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.