Planning to Buy Rental Properties in Dubai?by Jenny Smith Real Estate Agent
Properties are not bought often. The buyer who is giving the whole life’s savings expects the real estate agent to give their hundred percent when it comes to verification of the original property documents, taking possession and get the transfer document registered. For rendering such services, the estate agents get some real good money in the form of cash. This amount is called commission and is usually consist of amount calculated by applying some pre agreed percentage on the cost of the property.
Properties in Dubai have been recovering after the fall in their prices that were witnessed a couple of years back. After the decline set in, the opinion that was taken by the people having investment stakes in properties was that the property industry is unlikely to get the same level of success. So such people took their money out from the property by selling out the properties. However, later the action taken by the government to curb the speculations that were the part and parcel of property market that time by introducing some good legislation and also taking strict actions against those who were found guilty of not implementing or following the laws.
In order to buy Dubai properties, the potential buyer has got two options. One, the buyer can go to the estate agent to ask for the available properties. Second, the buyer needs to read daily newspaper for the section dedicated to the property sale and purchase. Apartments rental in Dubai follow a procedure that is quite simpler than in case where a transfer in title of the property is handed over to some other person. In case a property is given on rentals, it is better to agree each and every thing required for the proper conduct of the tenant-owner relationship. The agreement should include especially the time period after which the owner would create the right to increase the amount of monthly rentals.
The decision to increase or inflate the amount of rentals by owner shall not be in any case taken in isolation. The owner should consult with the tenant and agree the revised amount of rentals. This revision can be made part of exurban to the original contract. Although in case of rental agreement, there is no need to register the contract with any regulatory authority, still it is for the benefit of both the owner and the tenant that the agreement is complete in every aspect. It has been observed that if conflicts arise in matters relating to owner and tenants, those cases where documentation was complete got resolved in a better way.
The regulatory authority that registers the cases incurring Dubai property for sale and purchase has a division where people bring papers of property to get them verified. When a potential buyer is willing to purchase a property, they get a copy of original documents from the seller and take it to this department. The personnel at the department verifies the property by checking that there is no lien on the property of any sort and the property is clear from any sort of mortgage or charge.
Created on Dec 31st 1969 18:00. Viewed 0 times.