Property | UAE

Laying out the steps before a transaction

Conveyancing firm will draft a contract that regulates the transaction

  • M. N.
  • Published: 12:49 August 21, 2013
  • Gulf News

Dubai:

What does conveyancing entail?

The first step is to make sure the buyer and seller understand and agree on the terms of the contract, timeframe for the transaction, the final pricing and steps involved. Following this, the conveyancing firm will draft a contract that regulates the transaction.

“We analyse what steps are needed to complete the transfer, check the title of the property and verify that the seller is in fact the registered owner and that the title is as represented in the sale,” said Robert Pacella of Emirates Conveyancing

If financiers involved with an interest on the property, the conveyancing firm works with them to either discharge the finance and/or to ready the cheques from the incoming lender for transfer. Next process involves dealing with the developer, strata manager, utility and service providers to ensure there are no outstanding financial debts at transfer of the property. The final step is organising the no-objection certificate and the transfer.

— M. N.