Can I buy a Dubai property with someone else's down payment? Know the legal steps
Be sure that the purchaser has the right to re- sell this property
Question: I want to buy a property in Dubai from one of the purchasers, as this purchaser paid approximately 40% of the value of the property to the developer, and he is currently asking me to pay the 40% value that he paid to the developer, the amount of interest in exchange for the sale, in addition to the fees of the real estate broker’s office. My question: What is the appropriate legal procedure to take in order to purchase this property legally? Can this property be registered under my name and the names of my wife and son? Please advise.
Answer
To legally buy the property, you have to check with the Land Department about the required documents needed to transfer the property and to be sure that this property is already registered under the purchaser’s name in the Initial Register in the Land Department.
Be sure that the purchaser has the right to re- sell this property and this can be known from his purchase agreement with the developer as well as from the NOC that he should provide from the developer to resell the property.
Moreover, you should be sure that he really paid the 40% of the purchase amount in order to be aware of the payments that you have to complete with the developer.
Do not pay any amount to him directly, unless you both met in the Land Department with all the necessary documents needed to transfer the property under your name.
When the Land Department finishes the transfer procedures, you can pay him at the same place.
You have the right to register the property under your name and the names of your wife and son. The title deed can be issued in the names of two or more parties. You can specify the percentage share each party holds, which is then documented in the title deed, subsequently issued by the Land Department on completion of the transfer.