Dubai is a city of opportunities and with its booming real estate market, it has become a hub for property investors from around the world. Buying or selling a property in Dubai can be a complex process, and that’s where conveyancing comes in.
Conveyancing refers to the legal process of transferring property ownership from one person to another. In Dubai, conveyancing involves a series of procedures and paperwork that must be completed to ensure a smooth property transaction. It is essential to have a professional conveyancer who can guide you through the process and help you navigate the legal complexities of property transactions in Dubai.
Many expatriates and international investors that are selling property are now faced with the dilemma of undertaking the sale on their own or appointing a law firm providing professional conveyancing services. There are pros and cons to a decision like this. Since the buying and selling of a property is likely to be the most significant asset you will handle in your lifetime, it is worth careful consideration:
Selling property, yourself
If you sell your property, you will save on conveyancing fees. Saving on fees means you will need to handle all legal and administrative aspects of the sale yourself.
Aspects such as legal compliance with UAE government legislation, title transfers, dealing with payments for a host of fees which are different to your home country laws is a challenge and can be overwhelming. Needless to say, stressful and time consuming too.
Appointing a conveyancing lawyer
On the other hand, if you decide to appoint a professional law firm with a specialized conveyancing team, the process will be much more efficient. You will save yourself time.
The conveyancing team will undertake the stress and will handle the complete transaction until transfer of title deed. You will have peace of mind that your transaction is legitimate, and your paperwork is all in order.
You will also be advised to have your asset protected with a Will in the UAE or a Foundation in the DIFC to protect your asset for the future. If you are abroad, the whole transaction can be undertaken with a Power of Attorney in place.
What will your conveyancing lawyer do?
Prepare and verify all the necessary documents such as the Memorandum of Understanding for the property transfer.
Advise on special conditions and parties’ obligations in the process
Ensure the payment of relevant fees to the property developer, the Dubai Land Department, trustees and brokers
Ensure all costs and payments are accurately calculated
Procure approvals and clearances from property developers & facility management firm
Assist with banks or financial institutions to apply for a mortgage
Deal with the Land Department at final closing and transfer of the title deed in a timely manner
In conclusion, conveyancing is a critical aspect of any property transaction in Dubai. It requires legal expertise, attention to detail, and knowledge of the local real estate market.
With the help of a professional conveyancer, property buyers and sellers can ensure that their transactions are completed efficiently and without any legal complications.
— The writer is Managing Partner, TWS Legal Consultants, Dubai
