Choosing a property is the most important part of the buying process. In the end, if the choice was not right in terms of Location, Type or Size, it can cause long-term disappointment to you and/or your family.

The following are the points to keep in mind while choosing a property:

INVESTORS

• Location of choice with high yield and low maintenance fee.
• Location of choice with growing demand.
• Location with high occupancy rate.
• Location with high liquidity.
• Location with reliable developer.
• Type of Unit (Villa/ Apartment/ Commercial)

HOME OWNERS

• Location proximity to Malls & Community Centers.
• Location proximity to Schools and Hospitals.
• Location proximity to Work place.
• Location with low maintenance fee.
• Location with reputed developer and Maintenance Company.

CHECKLIST

• Choose the right agency
• Take your time to view property
• Always view the property during daytime.
• Check for any issues in construction or white goods that come with the property (if any).
• Ask for the Unit price and compare it with the Market Price
• Check the Rental Yield
• Check the Maintenance Fee per Year
• Check if the Unit is located near any Utility Building, Airport, Busy Highway etc. as this can affect the quality of living.
• Check if there is any Metro or Public transport near the Property for convenience

You must set a clear budget for yourself and find out at hand if there are any hidden costs associated with the property. You must check the following with your Agent:

• Selling Price
• Transfer Fee
• Developer NOC Charges
• Agency Fee
• Land Department/ Trustee Office Fee
• Maintenance Fee per Year
• Utility Deposits per Year
• Mortgage Fee per month

Choose an Agent

Besides the obvious fact that your agent should be compatible and honest with you, there are certain prerequisites that you must consider before choosing one.

• The Agency should be RERA Certified
• The Agent should be RERA Certified and have a Broker Card with him/her all the time.
• The Agent should follow the RERA Code of Ethics.
• The Agent should be specialist in the area of your choice.

Once you have chosen your property your agent will submit an offer to the Seller. The following are the documents required to complete the project:

BUYER

• Signed MOU (Offer Letter)
• Deposit Cheque (usually 10%)
• Original Passport and its copy
• Valid Visa a resident
• Emirates ID and its copy if a resident
• Manager’s Cheque Payment to Seller and its Copy
• Manager’s Cheque Agency Fee and its Copy
• Cash Land Department/ Trustee Office Fee in Cash

SELLER

• Signed MOU (Offer Letter)
• Current Lease Contract
• Original Passport and its copy
• Valid Visa if a resident
• Emirates ID and its copy if a resident
• Current Lease Original
• Signed Buyers Agreement – Form B
• Signed Purchasing Agreement – Form F
• Utility Deposits Original
• Manager’s Cheque Agency Fee and its Copy

In case of a Company, the following additional documents are required:

• Certificate of Incorporation
• Memorandum of Association
• Board Resolution
• Power of Attorney (if any)