Buying a Property in Green Community

Green Community is one of the best-kept secrets in Dubai. But once you find this hidden treasure, you’re sure to want to invest in it. I can help you.

 

Set Your Budget and Choose a Property Type

Green Community has a variety of properties to choose from, depending on your budget.

 

  • Apartments from 1.0 – 3.5 mil AED
  • Townhouses from 3.5 – 4.2 mil AED
  • Bungalows from 4.2 – 5 mil AED
  • Family villas from 5.0 – 5.8 mil AED
  • Luxury villas from 7.0 – 7.8 mil AED

 

Finance Options

Decide whether you would like to bank finance your purchase or if you have other funding sources. There are various finance options available. Your broker can help connect you to a bank representative, helping to make the finance process smooth and headache-free.

 

Sale Contract and Deposits

After you’ve been pre-approved, you will sign the RERA Property Sale Contract. Your RERA Registered Broker will lead you through the process, making sure you are informed. Typically, a 10 percent deposit is due at the time of signing and the seller will give the Agency a security check of the same amount to demonstrate commitment to the deal. The agency holds both checks and serve as security. The checks are not cashed; they are returned to the buyer and seller at the time of the transfer of ownership, unless a party is in breach of contract.

 

The broker will take care of all documentation and will be the contact between the buyer, seller and the bank as well as the bank and the seller, when needed. Normally the bank and the broker work closely in order to make sure all processes are completed within the timeframes.

 

Valuation of the Property

Once a contract is in place, the buyer must obtain a valuation of the property to secure financing. Most banks offer between 50 to 75 percent financing on the loan to value of the property, depending on the profile of the client and the policy of the bank. The broker accompanies the valuator to the property during the valuation process.

 

Final Offer

After the valuation, the bank prepares the final offer, usually within seven business days after the valuation. During this process, the broker works behind the scenes to get final clearances on the utilities and makes necessary appointments with the developer for the NOC meeting. This process takes two to three weeks.

 

The NOC meeting takes place in the developer’s office with all parties present, including the buyer, seller, bank representative and broker. The buyer and seller sign all documents for transfer at this meeting and the seller will clear all outstanding service charges. In addition, the buyer pays the service charges for the property until the end of the current year.

 

Shortly after the NOC meeting, the developer issues an NOC letter. This is the official document needed for the final transfer of ownership in one of the registration trustees.

 

Buyer Costs

The buyer is responsible for the following costs, in addition to the selling price of the property. The buyer must pay for all costs in the form of manager’s cheques at the final transfer of ownership.

 

  • Final Payment to the Seller. In case of Financing, 25 – 35% payment to seller, depending on loan amount from bank
  • 4% Transfer fee plus AED540 Administration fee – Dubai Land Department
  • 2% Agency fee - Agency
  • AED4000 Registration to Transfer - Dubai Land Department
  • .25% as Mortgage Registration - Dubai Land Department
  • Service charges for the rest of the year – payable to the Developer at NOC Meeting
  • NOC fee – AED500

 

Seller Costs

The seller is responsible for the following costs.

 

Timeframe

The entire buying process takes four to six weeks, as long as there is a good understanding and open communication among the bank, broker, buyer and seller. Your broker is your key to success. If the seller has a mortgage to clear, the buyer’s bank will take care of it during the process.

 

  • Clearance of final Utility Bills
  • 1% Agency or Marketing fee
  • Service charges until date of NOC Meeting
  • Clearance of outstanding mortgage – the buyer’s bank normally does this
  • If seller had a mortgage – AED1,010 as Deregistration of Mortgage - Dubai Land Department

 

Timeframe

The entire buying process takes four to six weeks, as long as there is a good understanding and open communication among the bank, broker, buyer and seller. Your broker is your key to success. If the seller has a mortgage to clear, the buyer’s bank will take care of it during the process.

 

Please note that any of the above information are subject to change without notice