THINGS TO REMEMBER BEFORE BUYING AN APARTMENT IN DUBAI
Dubai is the most popular city in the United Arab Emirates. Dubai is the capital of the emirates of Dubai. It is located in the eastern part of the Arabian peninsula. Dubai is the business hub of western Asia. It is also famous for its luxury lifestyle, hospitality, tourism, industries, Especially for the 830m tall tower called Burj Khalifa. It improves the beauty of the city. Dubai is known as the world’s safest place and also the best place to live in.
Accommodation in Dubai is expensive according to middle eastern and European standards. It’ll become difficult for the resident as well as for the non-residents if they don’t do enough research before buying the property or an apartment in Dubai. As we all know many scammers give false information about property and take money from innocent people.
If you want to save yourself from the scammers then you must’ve to check the property under a certified and trustworthy company such as ZāZEN. ZāZEN deals in real estate. It is one of the certified and also trustworthy companies. One of its upcoming apartments is Zazen One. It doesn’t give you false information about the property. It also does its work under the act called Rera which stands for Real Estate regulatory authority. It’ll protect its customers from scammers.
Here are some things to remember before buying an apartment in Dubai.
Here are some important things you need to remember or consider before buying any kind of property in Dubai.
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Rera (Real Estate Regulatory Authority)
A buyer must check whether the company is Rera certified or not. Rera ensures the transparency and efficiency of a legal framework in which all participants in the real estate market can conduct business. In this concept, RERA aims to develop an online community for investors, developers, and buyers, and to develop a support sector (banks, law firms, and insurance companies) that can collaborate with Rera. Responsibilities of Rera are to license all the activities of real estate, management of real estate developer’s trust account, licensing the real estate broker, lease regulation and registration, owners association regulation, and supervision, and many more things. ZāZEN also does its business under Rera.
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Project Registration
The project should register which gives all the necessary details to the buyers about HOW, WHEN, WHERE they can purchase the property. You can check the project registration details on the Dubai land department website.
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Escrow
It is the third-party bank account that you can see on the Dubai land department website. In which you’ll be able to deposit your funds which will be used in the development of the project or the property of yours. This system will protect you from scammers as well as develop your property. Your funds are essentially safe. The buyer has to transfer the money carefully in the third-party account.
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To verify the location
the buyer must have to verify the location by himself because sometimes the agent gives false information about the property such as they are just saying that the apartment is this close from the public transport, school, hospital or this and that but they are saying nothing but lie in a sort of way of selling the property.
5. Leasehold vs. Freehold
People unfamiliar with the United Arab Emirates (UAE), particularly Dubai’s real estate
Market, are frequently perplexed by the distinction between freehold and leasehold
Lands. Understanding the fundamental differences between these area distributions is
Necessary for making an informed selection when purchasing a house in Dubai.
a) Freehold Areas in Dubai
There was a time when a foreign person could not acquire property in Dubai; however, the situation started to change in the year 2000, and the Dubai government established new rules to make it easier for ex-pats to buy property in Dubai. Certain regions have been classified as freehold land, which means that everyone can live there.
b) Leasehold Areas in Dubai
Leasehold zones, as the name implies, are regions in Dubai where you can rent a piece of land or property rather than buy it. A leasehold property is defined as a property that is leased for a term of more than 10 years but less than 99 years.
6. Mortgage clause
When buying a home with a mortgage and a minimum down payment that cannot be
Raised, it is recommended that an opt-out clause be included in the selling agreement
Or Memorandum of Understanding (MoU). It essentially protects the buyer from losing the
Deposit put down to secure a property if the bank evaluation for the property is lower than
Expected, forcing the buyer to put down a bigger deposit for a house on the property.
Without the opt-out clause, if the buyer has been unable to make the bigger down payment
And decides not to proceed with the transaction, the deposit will be forfeited.
7. Read carefully the Reservation contract and also the sale-purchase Agreement
A buyer must have to read all the important documents because sometimes a small
Misreading also causes the problem and the agents take the benefit of it.
CONCLUSION
According to this report, you can trust ZāZEN before buying an apartment in Dubai. It is a verified and certified real estate company. The company designs its project by keeping in mind all the necessary things. Most of the projects are near the well-known area of Dubai.