PROPERTY SETTLEMENT

Property Settlement Step by Step (For Non-Finance Properties)

1.  Buyer and Seller will be notified about the sale confirmation

2.  Both parties will enter buying and selling agreement known as form F (special form provided and regulated by Dubai Land Department)

3.  Seller will request and provide a No objection letter from the related developer (NOC or Certificate of no objection will be issued at a cost to the buyer, this charges between 500 to 5000 Dirham, NOC will confirm the acceptance by the developer so the property could pass on to the new buyer providing all the service charges or dues has been paid).

a.  Seller will pay an amount of 10,000 towards the Dubai land department in form of a Managers cheque.

b.  Seller will pay the commission amount towards seller's agents (if applicable).

4.  Transfer process will be conducted by Trustee office with presence of Buyer and seller, or their legal representative, fees will include the following,

5.  Full Payment towards the property in form of a Managers's cheque paid by the buyer.

a.  Land department transfer charges equal to 4% of the selling price plus 580 Dirham which is payable by the buyer, (The method of payment is by the Manager’s cheque in favor of the Dubai land department).

b.  Trustee office fee 4000 Dirham for properties over 500k and 2000 for properties under 500k price. (Payable by buyer unless agreed prior)

c.   Response Auctions Administration fees paid by the buyer

d.  Brokers commission fees (if applicable)

Property Settlement Step by Step (For Financed Properties)

1.  Buyer and Seller will be notified of the sale confirmation

2.  Both parties will enter buying and selling agreement Known as form F (special form provided and regulated by Dubai Land Department)

3.  Seller requests his or her financial institution for the updated amount owing, known as liability letter (liability letter validity will not exceed over 15 days).

4.  Based on the liability letter, the buyer will prepare a manager's cheque covering the loan amount.

5.  Seller provides payment of 1520 Dirham to Dubai land department as blocking fee.

6.  Following confirmation letter indicating property blocked by the land department buyer hand over the manager cheque in favor of relevant bank or financial institution which has lean over the property.

7.  Seller will collect clearance letter from the bank (any fee or charges for such a letter paid by the seller).

8.  Seller also applies and makes the payment towards no objection letter (NOC) from the developer preparing for transfer procedure. These charges are between 500 to 5000 Dirham, NOC will confirm the acceptance by the developer so the property could pass on to the new buyer providing all the service charges or dues has been paid).

a.  Seller will pay the amount of 10,000 towards the Dubai land department in form of a Managers cheque.

b.   Seller will pay commission amount towards sellers’ agents (if applicable).

9.  Transfer process will be conducted by Trustee office with presence of Buyer and seller, or their legal representative, fees will include the following.

a.  Manager cheque in favor of Land department equal to 4% of the selling price plus 580-dirham being transfer and registration charges.

b.  Manager’s cheque for the balance of payment in favor of seller (if applicable). • Trustee office fee 4000 Dirham for properties over 500k and 2000 for properties under 500k price. (Payable by buyer unless agreed prior).

c.  Response Auctions Administration Fee paid by the buyer

d.  Brokers commission fees (if applicable)

Settlement Step by Step for Finance Buyer purchasing loan free property

1.  Buyer and Seller will be notified of the sale confirmation.

2.  Both parties will enter buying and selling agreement Known as form F (special form provided and regulated by Dubai Land Department).

3.  Buyer provides property information and pre-approval letter to his or her relevant bank or financial institution.

4.  Bank will conduct Property valuation and agree with the purchase price.

5.  Buyer will sign the loan document and collect a manager’s cheque in the name of the seller after all the finance process is completed.

6.  Mortgage registration fee of (0.25%) of the selling price plus 290 Dirham is payable by the seller to the Dubai Land Department.

7.  Seller will request and provide a No objection letter from the related developer (NOC or Certificate of no objection will be issued at a cost to the seller, this charges between 500 to 5000 Dirham, NOC will confirm the acceptance by the developer so the property could pass on to the new buyer providing all the service charges or dues has been paid).

a.  Seller will pay the amount of 10,000 towards Dubai land department in form of Manager’s cheque.

b.  Seller will pay commission amount towards sellers’ agents (if applicable).

8.  Transfer process will be conducted by Trustee office with presence of Buyer and seller, or their legal representative, fees will include the following,

a.  Buyer or buyers bank will prepare Manager cheque in favor of Land department equal to 4% of the selling price plus 580-dirham being transfer and registration charges.

b.  Buyer's bank provides manager's cheque in the name of the seller

c.  Trustee office fee 4000 Dirham for properties over 500k and 2000 for properties under 500k price. (Payable by buyer unless agreed prior).

d. Response Auctions Administration Fee by the buyer

e.  Brokers commission fees (if applicable)

Settlement Step by Step for Mortgagee Buyer on Financed Property

1.  Buyer and Seller will be notified of the sale confirmation

2.  Both parties will enter buying and selling agreement known as form F (special form provided and regulated by Dubai Land Department).

3.  Buyer provides property information and pre-approval letter to his or her relevant bank or financial institution.

4.  Seller requests his or her financial institution for the updated amount owing as per statement known as liability letter (liability letter validity will not exceed over 15 days).

5.  Buyer’s bank order property valuation which is paid by the Buyer and prepare a loan document which is signed by the buyer.

6.  Seller will request and provide a No objection letter from the related developer (NOC or Certificate of no objection will be issued at a cost to the seller, which varies between 500 to 5000 Dirham, NOC will confirm the acceptance by the developer so the property could pass on to new buyer providing all the service charges or dues has been paid).

a.  Seller will pay the amount of 10,000 towards Dubai Land Department in form of Manager’s Cheque.

b.  Seller will pay commission amount towards sellers’ agents (if applicable).

7.  Buyer Bank and Seller bank will exchange the owing amount and a clearance letter will be issued, while the existing mortgage is released after a fee of 1290 AED paid by the seller.

8.  The remaining formalities will be completed with the trustee and the new buyer's bank or financial institution will collect the original title deed of the property.

9.  Transfer process will be conducted by Trustee office with presence of Buyer and seller, or their legal representative, fees will include the following

a.  Trustee office fee 4000 Dirham for properties over 500k and 2000 for properties under 500k price. (Payable by buyer unless agreed prior)

b.  Managers’ cheque from buyers or buyers bank in favor of seller or sellers bank (if applicable).

c.  Response Auctions Administration Fee paid by the buyer

d.  Brokers commission fees (if applicable)