Purchasing a home, especially one abroad, is undoubtedly thrilling. Unfortunately, there are several risks involved. Cultural and linguistic boundaries can also cause communication breakdowns. Therefore, hiring a conveyancing Lawyer familiar with the UAE real estate market is essential to guide you through the buying procedure.
The risks of not using a professional conveyancing lawyer
Most people’s most significant purchase will be a piece of real estate. There are risks when purchasing real estate wherever.
A delay in completion is among the most annoying parts of buying a home off-plan. One finishes up about half of the off-plan housing projects the past 12 to 12 months later than expected. Additionally, despite the recent considerable regulatory tightening, there are still unregistered developers in the sector.
It’s important to know if your potential house is freehold or leasehold before making an offer on an existing property. Later, extreme dissatisfaction can result from not understanding what rights each sort of property ownership grants you. As a reference:
- Freehold– freehold property is where you own the building and the land on which the building sits on.
- Leasehold – this is essentially a long-term lease.
How your interests can be safeguarded by a conveyancing attorney.
Fortunately, rules protect buyers from contractual breaches regarding dishonest developers and late completions. For instance, before advertising real estate in the media, developers and brokers must receive RERA (Dubai’s Real Estate Regulatory Authority) approval. However, if you are purchasing off-plan, you must do your homework on the developer regardless of the legal safeguards. Your attorney can help you with this in a timely and efficient manner.
Other duties of a conveyancing lawyer include:
- Explaining and drafting the Memorandum of Understanding.
- Reviewing completion timeframes and advising on any potential special conditions relating to the purchase.
- Holding the deposit cheques until the transfer occurs.
- Ensuring all maintenance/service fees are paid as per the developer’s requirements for an NOC application.
- Drafting and confirming the final transfer documentation, detailing all monies involved.
If your conveyancer works for a full-service law firm, they can, at the same time the property purchase occurs, ensure you have a legally valid Will as well as a UAE Power of Attorney. Buying property and putting a Will in place go hand in hand in the UAE, as failure to have these tools in place could see your estate being subject to Sharia Law if you die in the UAE.
Long-term stress and financial savings may result from investing in skilled legal counsel when purchasing a home in the UAE. Additionally, it will provide you the peace of mind you need to buy a house and give you the time you need to rejoice after the next phase of your ex-pat journey.
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