Are you looking for a family apartment or just trying to get your life on the right track while living in Abu Dhabi? If you are looking to buy or invest in an apartment for any reason, you might be told to consider many factors. Be it budget, agent, or even location, most often, you consider everything and forget to take a look at the legal aspects of buying an apartment in Abu Dhabi.
So, to ensure a pleasant and hassle-free journey, a complete checklist is required. In this blog, we will discuss the legal aspects you should consider before entering the thriving Abu Dhabi real estate market.
So, let us get started! Before we go into the checklist, let’s take a quick look at the Abu Dhabi real estate market. From residential properties for sale in Abu Dhabi to commercial properties, you can have it all in a city of history and architecture.
Why People Are Now Choosing Abu Dhabi For Work And Living?
The city offers something for everyone, from luxury apartments to villas for Sale in Abu Dhabi. With its kind attitude toward expats, numerous work prospects, and a variety of housing options in the most picturesque areas, it’s difficult not to feel welcome.
Getting about and handling day-to-day affairs is simple, thanks to a reliable and efficient transportation system. Furthermore, with a limitless selection of shopping, leisure, and entertainment options, there is always something to keep you interested. Moreover, some of the benefits that make people choose this emirate are:
- Strategic Location and Connectivity
- Luxury and Lifestyle
- Future Prospects and Vision 2030
Checklist of Legal Aspects To Consider When Buying Apartments In Abu Dhabi
Apartments are the most in-demand option for foreigners coming to settle in the UAE. This is one of the most popular and most feasible options for those starting out their lives in a city. However, the same place is also suitable for a good investment.
Since real estate is getting high value in the UAE, apartments in Abu Dhabi can be an open opportunity for you.
-
Title Deed Verification
Before closing any property acquisition for the apartment for sale in Abu Dhabi, check the title deed. Ensure that the seller has clear and legal title to the property and that it is free of any liens or issues. Engaging the assistance of an experienced real estate lawyer can help guarantee that the title deed verification process runs smoothly.
-
Due Diligence
Always do your homework for due diligence on both the seller and the property of interest. Check out the debt history or any pending fees, etc., to avoid getting trapped in lies and scams.
-
Property Taxes & Legal Documentation
Due to no income or property taxes, this place is most appealing for investors, too. However, if you are new to this side hustle, just be a little extra careful about any property-related charges, be it registration fees, agency commissions, or annual maintenance costs.
Moreover, it is always better to examine legal documents closely. You can consult with legal professionals to help you analyze the legitimacy of the documents, etc. So, check all the sales contracts, mortgage agreements, and any other pertinent documents. Ensure that the terms and conditions are in line with your interests and obligations.
-
Freehold vs. Leasehold
The city has two main categories of property ownership: Freehold properties in Abu Dhabi and leasehold. Foreigners can buy, sell, or lease their property under freehold ownership, which gives them entire ownership.
On the other hand, Leasehold grants ownership for a limited time, typically up to 99 years, after which the property reverts to the landowner. It is critical to understand which types of ownership are available in your preferred location.
-
Sales and Purchase Agreement (SPA)
The Sales and Purchase Agreement (SPA) is a crucial contract in the property purchasing process. It specifies the sale’s terms and conditions, such as the payment schedule, the handover date, and the consequences of contract breaches. Before signing, make sure to carefully check this form and ensure that all details are true.
-
Registration and Fees
After the SPA is signed, the property must be registered with the appropriate authorities, such as the Dubai Land Department (DLD). Registration fees, which are normally around 4% of the property value, are due at this point. Agent fees, developer fees, and service charges may also be applicable.
Bottom Line
In conclusion, it is crucial to consider all legal aspects before purchasing an apartment in Abu Dhabi for a smooth and successful investment. Our premium real estate agency in the UAE specializes in guiding clients through every step of the property-buying process.
Whether you’re looking for luxury apartments, villas, or commercial properties, our expert team of real estate agents is dedicated to finding the best deals tailored to your needs. Contact us today to explore the best opportunities in the UAE’s thriving real estate market.
