A real estate conveyance marks the formal transfer of ownership from the seller to the buyer, ending with the fulfillment of all legal and financial obligations. As a rule, at this moment the buyer takes possession of the property, receiving the keys to his new apartment or other property. Prior to this, pre-registration with the Dubai Land Department (DLD) and payment of an Oqood fee, which is calculated as a percentage of the purchase price, is usually required.
In the process of acquiring real estate, both its registration and transfer play a key role. They are critical steps to help identify potential problems.
These problems can range from minor cosmetic defects to major malfunctions. Early detection at this stage allows any necessary problems to be corrected before the buyer moves into the home, saving time and money in the long run.
Here’s what’s important for a buyer during the conveyancing process to ensure that the property is in optimal condition and meets the specifications stated in the contract:
1. Thorough Inspection: The buyer should conduct a thorough inspection of the property to identify any cosmetic or more serious problems. This includes checking for defects, damage or discrepancies that may not have been apparent during earlier stages of the purchasing process.
2. Review of Documents: The buyer must carefully review all necessary documentation, including the purchase agreement and the specifications specified in the contract. He must ensure that the current state of the object complies with the agreed conditions, and all necessary changes are formalized accordingly.
3. Utilities and Amenities: It is necessary to ensure that all utilities and amenities such as water supply, electricity, cooling systems are functioning properly. The buyer must ensure that the property has been delivered with all promised specifications and report any discrepancies to the developer (seller).
4. The buyer must ensure that the property complies with all legal requirements and regulations. He must ensure that the necessary approvals and permits have been obtained and that the property complies with building regulations.
5. Inspection Report: The buyer must properly complete an inspection report documenting any problems identified. This report serves to record discrepancies and provides a basis for reviewing and resolving these issues with the developer (seller).
6. Final Payments: The Buyer must confirm that all outstanding payments, including Oqood fees, have been settled in accordance with the agreed terms. This step ensures the smooth transfer of the property in accordance with the law.
By paying attention to these critical details during the property transfer process, buyers can protect their investment, avoid potential complications in the future and enjoy a smooth transition to their new property in Dubai.
When purchasing real estate from us, you can be sure that the apartment acceptance procedure (handover) will be carried out successfully by our company’s specialists.
