RERA Property Transactions and Documentation

Question 1

What is the process for transferring property ownership in Dubai?

Accepted Answer

Obtain NOC from developer, sign sale agreement, pay transfer fee at DLD, complete transfer at Dubai Land Department, and receive new title deed

Answer

Simply exchange the money and keys

Answer

Only sign a contract between buyer and seller

Answer

Transfer is handled entirely by the broker

Question 2

What is the DLD transfer fee for property transactions in Dubai?

Accepted Answer

4% of the property value, typically shared equally between buyer and seller

Answer

1% of property value

Answer

No transfer fee exists

Answer

10% of property value

Question 3

What is a No Objection Certificate (NOC) and when is it required?

Accepted Answer

A certificate from the developer confirming no outstanding payments and no objection to the property transfer, required before ownership can be transferred at DLD

Answer

A visa document

Answer

A building permit

Answer

An insurance certificate

Question 4

What is an MOU (Memorandum of Understanding) in Dubai property transactions?

Accepted Answer

A binding agreement between buyer and seller outlining transaction terms, price, timelines, and deposit, typically accompanied by a 10% security deposit

Answer

A marketing document

Answer

A non-binding letter of interest

Answer

A government form

Question 5

What mortgage-related considerations must RERA brokers understand?

Accepted Answer

UAE Central Bank LTV limits (80% UAE nationals, 75% expats for first property), bank pre-approval process, mortgage registration at DLD, and early settlement fees

Answer

Mortgages do not exist in Dubai

Answer

Only cash purchases are permitted

Answer

Any bank can offer unlimited mortgage

Question 6

What is the process for off-plan property purchases in Dubai?

Accepted Answer

Sign SPA with developer, pay according to RERA-approved payment plan, developer deposits funds in escrow, and register with DLD through Oqood system

Answer

Pay the developer directly with no documentation

Answer

Off-plan purchases are prohibited

Answer

Only UAE nationals can buy off-plan