Basic steps to consider before buying an “off-plan property” in Dubai
Walid Al-Zarouni: “The need to verify the purchase contract and the terms contained therein, so that there are no unfair conditions against the customer and in the interest of the developer.”
Walid Al Zarooni, Chairman of the Board of Directors of the "W Capital" real estate brokerage company, outlined several tips that help buy "off-plan property" safely in the Emirate of Dubai, amid strong market demand, and great optimism from investors about the sector's future during the coming period.
Al-Zarouni said, "The time is very appropriate to invest in Dubai real estate to take advantage of the rising wave in prices and achieve good returns, because every delay represents a loss for hesitant investors."
Al-Zarouni stated, "Several things must be adhered to in order for the investor to achieve a successful purchase of a real estate on the map, and not be exposed to loss or fraud."
The head of "W Capital" indicated the need to ensure that the real estate broker is accredited and has a legal license, and this can be known through the "Dubai Rest" application, or requesting a copy of the broker's card issued by the Land Department.
He called for ensuring the reputation of the real estate developer, by reviewing his previous work, and the extent of his commitment to the project's delivery dates and the quality of finishes.
He also indicated that it must be ensured that the project is approved or not, and this can be verified through the Land Department's website.
He also demanded that all payments be made into the project's escrow account.
Al-Zarouni pointed out the need to make sure of the purchase contract and to see all the terms contained therein, so that there are no unfair conditions against the customer, and in the interest of the developer, and to ensure the dates of receipt and payment of installments.
And he indicated that a receipt of the paid payments must be taken to preserve the right of the customer.
Al-Zarouni added that (real estate registration) in Dubai provides many options to facilitate the registration process, and the registration service at the Department of Lands and Properties allows submitting an application to register the sale, as it was created in order to register the total or partial sale process between all parties to the contract, i.e. the seller and the buyer, or Their representative, provided that they are legally registered to purchase real estate, land, ready-made real estate unit, or real estate still under construction.
He called for making sure of the financial ability before making the purchase, because failure to pay the payments on time may expose you to fines, with sufficient liquidity to help you pay the payments on time.
Al-Zarouni stated that one should be careful and not be "deceived" by the tempting real estate offers that are being promoted, because they often contradict reality, and are merely to attract customers.
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