Step 1: Analyzing Offers
Create a database: Compile a database of current listings (approximately 50 listings).
Price Analysis: Analyze the average prices of apartments based on various parameters such as floor, view, etc.
Step 2: Choosing an apartment
Present options: Based on the analysis, present 1-3 of the best options to the client.
Selection: The client selects their preferred apartment.
Step 3: Document Review
Meet with seller: A company representative meets with the seller or their representative to review the documents. It is preferable to work directly with the seller to avoid the need for power of attorney verification.
On-Site Verification: Review and photograph the documents.
Developer Confirmation: Send documents to the developer for verification of legitimacy.
Payment Confirmation: Obtain a certificate of payment confirmation.
Step 4: Sign the Agreement
Document Confirmation: Buyer receives confirmation of document verification.
Prepayment and Agreement: The next steps involve the prepayment and signing of the agreement.
Advance Payment: The buyer remits the deposit to the seller’s representative.
Purchase Agreement: The purchase agreement is signed in the system, securing the property for the buyer.
Contract Signing: Both parties sign the contract and the deposit is transferred after signing.
Step 5: Obtain Transaction Approval
Seller’s Request: The seller’s representative requests a transaction permit from the developer. The cost of the permit ranges from 5,000 to 5,500 dirhams. Preparation time: Permission is prepared within 3-15 days, depending on the developer.
Step 6: Completing the transaction
Financial Preparation: Prepare financial documents, including a manager’s check to confirm available funds. Register the transaction: Register the transaction with the “escrow office”, which takes approximately one hour. Buyer Presence: The buyer can be present in person or arrange for an online power of attorney.
Step 7: Receive documents
Post-Registration: After the transaction is registered, the buyer will receive an initial contract or title deed in the name of the new owner. Document Verification: The document includes a QR code for verification using the DubaREST app.
Contract Re-signing: In 70% of cases, developers require re-signing of the SPA contract upon receipt of the NOC. Contract Registration: The contract is signed and registered in the developer’s system, but it doesn’t affect the transaction.
Closing
The condominium assignment process involves several steps that require thorough review and coordination. Adherence to all steps ensures the successful completion of the transaction and the transfer of title to the new owner.
