| |
|
|
Buying
An Apartment
1. Apartment Reservation
The apartments on the current availability list
are being sold worldwide therefore it is
necessary to reserve an apartment initially.
To reserve a property the
developer needs:
· Completed Apartment
Reservation Form
· Completed Credit Consent Form for AED 10,000
(approx £1,500)
· Photocopy of Credit Card (front & back)
· Photocopy of Buyer(s) passport
2. Deposit
The remaining 10% deposit is usually required
within 7 days of reservation.
3. The next 10%
instalment is usually required 30 days after
reservation. The remaining payment
structure varies depending on the development.
Please consult a Sales Consultant for more
information.
4. Client Relations
Team
At this point the customer is handed over to our
Client Relations Team with dedicated
professionals offering individual care to cater
for all customers needs through to completion.
|
 |
5. Upon Completion
The final contract/title deed is signed in front of a
Dubai Notary and the deeds are then recorded with the
Land Registry.
Other Costs &
Information:
Q. Are there any other costs
involved when purchasing an apartment(s)?
A. Land Registry fee of 1.5% payable upon completion.
Service Charge payable annually. A
maximum of 12 AED per sq/ft. As it is freehold
ownership, the apartment owners will have a say who the
management company is, therefore the management company
will always charge competitive rates.
Solicitors are not usually used as
the contracts are easy to understand &
non-negotiable.
TAX-FREE capital growth and rental
income unless bringing money back into the UK. Many
investors set up off-shore accounts to avoid this tax.
Q. What are the fees for the tenant if renting the
apartment?
A. There is a tax payable annually on rent of 5% of
rental value.
It is normally tagged on to the DEWA (Dubai Electric
& Water Authority) bill and is paid by the tenant
only. This tax does not apply if the apartment is not
being rented out.
Q. What build guarantees are
in place?
A. The developer remains liable for 10 years for
structural problems and we have back-to- back warranties
from the main contractor.
Q. What are the inheritance
laws in Dubai?
A. Please consult a specialist for any questions
regarding inheritance or tax implications in Dubai.
|
