Advice for off-plan property buyer
A questioner from Dubai asks: I would like to buy a property from one of the off-plan developers. Before taking this step, what are the legal measures that must be taken before signing the property purchase agreement? Is it permissible to register the property in my name, my wife and two of my children? Please advise.
To answer such question, I would advise the questioner that:
Buying off-plan property in Dubai means purchasing a property that is still under construction or has not yet been built.
Before buying an off- plan property, It is better for the buyer to make sure that the developer get all the required approvals from the competent authorities to start building.
Research the developer company and make sure it is established and reliable. Look at their track record with previous developments, if they had handed the projects over on time.
Make sure the developer, real estate project and escrow account are registered with DLD and RERA.
Have the proper clauses in your sale and purchase agreement which should outline the terms and conditions, govern the relationship between both of you and provide your respective rights and obligations. Make sure to check the interest rate, completion date and hidden costs before signing the contract.
It is possible to register the property in your name, your wife’s name and 2 of your children. It is not stipulated by law that the owner of the property should be one person only.