There are many steps involved in buying a property in Dubai as an expat, much like everywhere else in the UK and Europe. If you’re looking to arrange a mortgage for buying your dream home, managing the conveyancing process is a significant part of your job. Being the leading mortgage broker in Dubai, the experts at Money Máestro know you have a lot of questions about buying your dream home, and we’re entitled to help you better understand the entire undertaking of the process involved. In this blog, we’ll explain conveyancing and how having the right partners can help make the process a smooth sail.
How Conveyancing Works?
Conveyancing is the process of legal transference of property from one owner to another. When you buy a property, the owner of the property signs it over to you, and you become the new owner or vice versa if you’re selling the property. With all the legalities involved, conveyancing should always be completed by an attorney or a licensed conveyancer.
Conveyancing starts once the property owner has accepted an offer. The seller then drafts a contract outlining the conditions of the sale and any outstanding particulars in Dubai. This process involves a holistic inspection of both parties’ right to buy or sell the property. Both parties then negotiate the terms and conditions of the contract and finalize the agreement, signed by the buyer and the seller.
Some of the legal checks involve:
The State Of The Property
Condition Of The Property And Land
Planned Future Developments In The Premises
Right Of Way To The Property
Boundaries Of The Property
But things could get a bit more interesting if you’re applying for a house loan/mortgage. The representative of the bank lending you the mortgage then meets your representative, which in this case could be a Mortgage Broker in Dubai. They would then finalize the terms of the mortgage and prepare the deed. While buying a mortgage, both parties need to be extra cautious about their commitment to buying and selling the property. Backing out of the commitment will result in financial losses as you will have to recompensate the other party. You then make a down payment, and the date of completion is fixed.
How Does The Conveyancer Help?
The conveyancing process can be tricky and time-consuming with the legal minefields involved. But the process can be even more of a hassle if you’re an expat living in Dubai and you’re buying Mortgage for Expats in Dubai for the first time. It is the job of the conveyancer or mortgage broker to ensure the legal transfer is completed efficiently. Your solicitor or conveyancer will help you:
Review the transaction and create a detailed plan of action
Complete the paperwork with the broker/seller
Negotiate, draft, and review MOU (Memorandum of Understanding) and Agreement
Complete paperwork related to Dubai Land Department
Complete paperwork issued by utility companies, i.e., DEWA
Manage the safe transfer of sales funds
Provide ongoing support and consultancy
How Long Does Conveyancing Take in Dubai?
Looking at the many aspects involved in affecting the process, conveyancing in Dubai can take up to 10 weeks at max. Some of the major factors that play a role in prolonging the process are:
If the property is in a chain
The buyer is arranging a mortgage
The paperwork has some technical issues
One side is still considering the terms of the agreement
There’s not much you can do to speed up the process, but keeping your important documents and having your mortgage agreement ready can save you a lot of time, and this is where a reliable Mortgage Broker in Dubai plays its role. At Money Maestro, we provide our valuable clients with Professional Mortgage Services for Expats in Dubai. Our only goal is to make buying your dream home as straightforward as possible. So if you’re considering buying a property in Dubai as an expat, we’re here to help!