Understanding some basic Real Estate Terms before investing in Dubai Real Estate May 04, 2011 No Comments by Sheikh Maroof Getting a property in Dubai is a complicated and challenging process for the first time purchasers due to unfamiliar property phrases which sound quite confusing. People do not want to waste time by indulging into [...]
Understanding some basic Real Estate Terms before investing in Dubai Real Estate
May 04, 2011 No Comments by Sheikh Maroof
Getting a property in Dubai is a complicated and challenging process for the first time purchasers due to unfamiliar property phrases which sound quite confusing. People do not want to waste time by indulging into these complex terms but these terms can guide a buyer to purchase or not to purchase properties in Dubai. Sometimes, people get confused between the most common terms like real estate agent and a broker. This post will help you to easily understand these terms and get benefit of your knowledge.
Majority of people believe that a real estate broker and a real estate agent are the same but it is not true. A Dubai real estate broker is a person who is having degree and a license to operate a real estate agency in Dubai whereas agents work beneath the broker. A real estate agency usually has several property agents but may have only one licensed broker.
What is Strata Title? It is a property division system that enables the subdivision of a building both horizontally and vertically and creates separate titles for each defined area. Before strata-title division, the subdivision was restricted to horizontal plane only. Strata title is somewhat similar to ?freehold? as freehold is the ultimate form of ownership and it is also about ownership.
Common Property: Outside (the mentioned) walls and the roof is the common property.
Exclusive Rights to Sell: Getting agreed at a point that real estate broker is responsible to list and show up your property to the potential buyers. In return of these services, you are agreeing to pay him commission on certain terms and conditions. These all conditions will be listed on the contract and signed by both parties.
Contingencies: Contingencies are the conditions that allow buyer to back out of the contract without losing his initial cash deposit.
Mortgage Loan: It is a contract between the buyer and the financing company wherein buyer promises to invest in cost with the house for a selected period of time. In Dubai there are two kinds of property loans available one is fix charge of interest loan whereas adjustable charge loan accounts for periodical changes in the interest rates during the tenure according to economic conditions.
These are few legal terms that a buyer must know before purchasing Property in Abu Dhabi or even Dubai as it will ease out the understanding that what is going on in the purchase process.
via Understanding some basic Real Estate Terms before investing in Dubai Real Estate.
tmalouli
Tony Maalouli is the Managing Director of ProConsult Advocates & Legal Consultants. Member of the International Bar Association, he is listed in the 2007-2008 Edition of International WHO'S WHO of Professionals. He is also a member of the Lebanese Business Council, French Business Council and Canadian Business Council in Dubai and the Northern Emirates. He is registered in the DIFC Courts Register of Legal Practitioners with rights of audience before the Court. He is also a practicing arbitrator registered with the Egyptian Chamber for International Commercial Arbitration and a Fellow of the Chartered Institute of Arbitrators(FCIarb).
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