Freehold property is any estate which is “free from hold” of any entity besides the owner. Hence, the owner of such a property enjoys free ownership for perpetuity and can use the property for any purposes however in accordance with the local regulations. The owner of a freehold title of real estate enjoys the most superior form of private property ownership. A freeholder is considered to be the...
An off-plan property is an unconstructed property purchased directly from a developer. It’s a property that is yet to be built or in some cases is in the early stages of being built. In order to purchase this type of property buyers relay on brochures and other marketing material to learn about the project and the exact property they are buying. Purchase is usually made with a 10-20% down payment and...
Commonly known as “Resale”, it’s buying an off-plan property from an owner who bought it directly from a developer. Since the property is still under construction, it is called secondary...
A primary ready property is a ready-to-move-in property that you buy directly from a...
Dubai's Real Estate Regulatory Agency (RERA) was established in 2007 to regulate and supervise the real estate sector in the emirate. The agency's primary goal is to protect the rights of property buyers and tenants, and to ensure that the real estate industry operates in a transparent and fair manner. One of RERA's key responsibilities is to register and regulate real estate brokers and property...
Sale Purchase Agreement, often referred to as SPA, is an agreement that is drafted by the developer (seller) and contains all the clauses and conditions of purchases to which both parties agree. Some compulsory clauses to look for within the SPA are: 1. Size of the unit within the floor plan. 2. Purchasing price of the unit. 3. Payment schedule. 4. Completion / Handover date stated in the...
Oqood system is the portal that issues Initial Contract of Sale certificate (commonly known as Oqood) of the purchased property, this ensures that the SPA (Sale Purchase Agreement) signed between the developer and the buyer is registered with DLD. The Oqood portal offers a comprehensive set of services developed exclusively for developers to manage their off-plan projects and initial sales...
What’s Contract A in Dubai Real Estate? Contract A, also known as Form A, is a RERA approved form that is signed between the seller and the real estate agent. Once the contract is signed between the two, the agent will then be authorised to market your unit. However, sellers can decide the marketing platforms and terms. The listed broker will then not be allowed to market on any other portal, except...
What’s Contract B in Dubai Real Estate? Form B RERA Dubai is a contract between property buyers and brokers. This RERA form mandates buying any property in Dubai through a real estate agent. In an ideal scenario, you should list a qualified property broker, certified by RERA. Form B lists the type of property you are looking for and the budget limits. The RERA certified real estate agents hold sound...
What’s Contract F in Dubai Real Estate? Contract F is one of the essential documents required for property transactions in Dubai. Contract F is the Memorandum of Understanding between the buyer and the seller. Also, referred to as purchase agreement, is signed by the two parties, when the buyer agrees to buy a property on a given price. Contract F lists the terms and conditions, rate, commission...