FAQ – RE/MAX Top Neom

Oqood, refers to contracts in Arabic, is an online service by Emirates Real Estate Solutions for the developers. It helps with the property registration process between the developers and buyers.

An off-plan property refers to a property whose construction is yet to begin or is in its preliminary stages of construction.

DLD is the abbreviation for Dubai Land Department. It is the regulatory body by the government that deals with all property and real estate related legislation, organization, and services for any real estate transactions in Dubai.

A DLD Waiver is the waiver of the DLD fee that is levied on property purchase. The DLD Fee is 4% of the property value and is payable by the buyer. Ergo a DLD Waiver means the buyer does not pay this fee and it is instead paid by the developer.

Freehold means complete ownership of the property by the buyer who will have his name on the title deed. Whereas leasehold refers to having the property on lease for a period of more than 10 years and up to 99 years. It cannot be bought completely.

RERA stands for Real Estate Regulatory Agency and is part of the DLD that takes care of the regulations in the real estate industry in Dubai. It is in charge of handling relationship between all parties of a contract and organizes the exchange process of the properties.

DEWA is the abbreviation for Dubai Electricity and Water Authority. It is in charge of the electricity and water supply in Dubai.

Ejari is an Arabic word meaning ‘my rent’. It is an electronic online registration system for the regulation and registration of every tenancy contract in Dubai. It is the system used to document all rental transactions and make sure all contracts are done legally. The Ejari system makes the Dubai rental market one of the most regulated markets in the world.

A tenant needs to provide a valid passport and a valid Residence Visa copy. The original copies of both the documents have to be produced and presented by the tenant to the Property Broker. If it is a Corporate Tenant, he will have to provide a valid Trade License, General Manager’s Passport Copy(if he is signing the Agreement) and valid passport of the Occupant.

The primary market is that where the new properties can be purchased directly from the developer.

When buying a freehold property in Dubai, the following documents are required:

• A Valid Passport
• Emirates ID (if resident of UAE)
• Reservation Form
• A credit card form as well if paying with card (usually for international clients)
• A filled in CIF, i.e. Customer Information Form (in some cases)

Once all the required documents are in order, it takes an average of 30 minutes to register a sale.

Yes, you can sell an off-plan property before its completion date.

The documents required for listing a property with Top Neom Real Estate:

For Leasing
1. Filled Listing Sheet
2. Title Deed or Oqood or (SPA) Sales Purchase Agreement
3. Owner’s Passport Copy with signature
4. Leasing Form signed by Owner
5. Power of Attorney Document and POA’s Passport Copy with signature (if applicable)

For Sale
1. Filled Listing Sheet
2. Title Deed or Oqood or (SPA) Sales Purchase Agreement
3. Owner’s Passport Copy with signature
4. Form A signed by Owner
5. Power of Attorney Document and POA’s Passport Copy with signature (if applicable)

**For newly handed over properties, a Certificate of Completion is required for Propertyfinder verification.

Yes, any nationality can own freehold property in designated freehold areas in Dubai and an heir can inherit it.

A buyer is eligible for UAE investor visa if his total investment is AED 1 million or above in one of maximum three properties.