The first step in the process of purchasing a property, whether residential or commercial, is to decide on the intent of purchase. The intent could vary from buying to let, buying to reside or simply buying to profit from the capital appreciation returns.
Once the intent has been established, you also need to decide on the type of housing complex you want - this ranges from an apartment, villa, townhouse, penthouse or even a duplex. As a buyer, you then need to determine your requirements for the freehold property you would like to purchase. Factors that could affect your decision include distance to educational institutions, workplaces, supermarkets and metro links.
One of the most important parts of the buying process is to organise your finances. If you’re going to complete the transaction using cash, negotiations can be made with the seller to coordinate a better deal. For transactions completed with mortgages, you need to assess how much of a downpayment you can afford along with the monthly instalments of payments to settle your mortgage.
The next step is to choose an agent you trust to facilitate your purchase. When you assign an agent from Fidu Properties to guide you, you will not be let down. Our company prioritises the goal of attaining the best deal for our clients while feeling empathy for their perspectives. The expertise and trust you will experience at Fidu Properties are unrivalled; we will help you fulfil your dream of owning a property.
Clients can book numerous viewings all over Dubai at the advice of your agent. Using Fidu Properties as your agent, you will be privy to the in-house VIP concierge services and be transported to all your viewings in one of our many luxury vehicles. We will be able to provide you with a variety of properties to fit your requirements so that you can make a fully-informed decision to protect your interests.
Once you’ve decided on a property you like, our agents will advise you on the method and timing with which you will make your offer. In many instances, timing is crucial and can make the difference between securing your dream home and losing out on a property.
Once you decide on a property of your choice and both parties have reached an agreement - a memorandum of understanding (MoU) is signed. A MoU is an agreement between parties outlined in a formal document - the creation of this document signals the willingness of both parties to move forward with the deal. All parties then need to apply for a No Objection Certificate (NOC) to move forward to the next step.
All parties involved in the real estate transaction then need to apply for a No Objection Certificate (NOC) to move forward to the next step. The Certificate is only granted after a fee is paid and all documentation is checked for accuracy.
The last stage of the buying process is the transfer of title from the seller’s name to the buyer’s name - this usually takes place in the developer’s office and involves a fee. It depends on the developer and thus consulting your agent is the best move to complete the buying process.
You are now a property owner! Congratulations!