visiting your bank is a very important initial step then bank reviews your application before giving the pre-approval, Being pre-approved not only confirms your budget but it also puts you in a stronger buying position. Waiting for final approved loan amount may takes couple of days , before issuing a letter or an email stating the approved loan amount, which is generally valid for 60 days.

Find an experienced agent will work with you to understand your full budget, demands and requirements. When working with industry experts, the more detail you go into at a preliminary stage, the less time it takes to find the right property. It is very important at this stage to give your agent the best understanding of what you are looking for.

As a property consultant, your agent will highlight communities and properties that match your budget and requirements. Arrange appointments to view several options until you find what you are looking for.

Once you fall in love with your desired house and For the strongest chance of acceptance, we recommend putting your offer in writing, with a copy of a 10% deposit cheque, along with copies of the passport and Emirates ID of all parties who will be on the title deed.

Once the purchase offer is accepted by the seller we recommend that you quickly request Your agent to draft an MOU which stands for Memorandum of Understanding and is also known as a Form F. You will review the MOU and then both parties will sign the contracts along with handing over the 10% deposit cheque that will be kept with real estate company till the date of the transfer

If the buyer is purchasing with a mortgage, then the bank’s involvement will be needed. A bank valuation on the property is required and the buyer will need to obtain the final offer letter from the lender, which secures the chance of a mortgage. If the seller has a mortgage on the property, the buyer is required to settle the seller’s mortgage in full prior to the No Objection Certificate (NOC) application. If this is applicable , make sure that once both parties have signed the MOU, the seller requests a liability letter then mortgage settlement statement from his/her bank as this can take up to 2 weeks. (This process can vary depending on bank, but we would factor in an average of 30-45 days.

The seller will apply for a NOC to transfer the property into the buyer’s name. The developer will usually issue the NOC against payment of a fee (AED 500 ) once the outstanding service charge amount has been settled in full, along with ensuring that any modifications the seller may have made have been completed as per the developer’s guidelines.

Once the NOC is issued and a copy will be shared with the broker , then he will book an appointment to do the transfer at the trustee office where  all parties will visit to officially transfer ownership. The DLD will insist on payment of the purchase price in the form of a manager’s cheque made payable to the seller on the date of transfer, along with manager’s cheques for the 4% transfer fee due to the DLD and an trustee office fees  of in excess of AED 2,000- 4,000. Once DLD approves the documents , a new title deed will be issued in the name of the buyer.

After the successful property transaction the seller need to handover the property keys& access cards to the new owner if it is vacant property and copies of the utilities final bills then the new owner can register all utilities accounts under his name as new owner , if the property is on lease the rental amount need to be refund to the buyer from date of transfer as pro rata calculations along with rental security deposit amount after deducting any advanced  service charge amounts paid by the seller as pro rata calculations  from date of the transfer.

Congratulations, you got your desired property, all payments have been done, then ask your broker to return the 10% security deposit cheque.