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Register For Rent-to-Own Properties in Dubai

What you need to do to register for rent-to-own properties in Dubai

Register For Rent-to-Own Properties in Dubai

In Dubai, the demand for rent-to-own properties has increased recently. For owners and buyers, a rent-to-own property is a viable financial choice. Additionally, it spares you the headache of sizable down payments.

Nevertheless, the Dubai Land Department (DLD) offers a comprehensive range of amenities and services for the Emirate’s real estate needs. This also contains a service that lets developers register a rent-to-own property, which assists the developers.

Here are the specifics of the procedures needed to register for a rent-to-own property in Dubai.

HOW TO GET STARTED IN DUBAI WITH RENT-TO-OWN PROPERTIES REGISTRATION

To help the tenant and the lender with the first registering, the developer can use this service to register the rent-to-own property in Dubai. The steps and prerequisites for registering for a rent-to-own property in Dubai are fully described here.

Necessary DOCUMENTS

REQUIRED DOCUMENTS
The documentation needs differ based on the people and organizations.

Registration of rent-to-own properties in Dubai requires the following documents:

Required Documents for Individuals

  1. A copy of the purchase and selling agreement
  2. A copy of your Emirates ID
  3. A passport photocopy (for non-residents)

 

For Organizations/Single Foundations

  1. A copy of the business permit
  2. A copy of the license holder’s passport or Emirates ID
  3. A power of attorney (optional)

 

Regarding Limited Liability Corporations

  1. A copy of the business permit
  2. A copy of the license holder’s passport or Emirates ID
  3. Power of attorney (optional)
  4. A copy of the company’s articles and information about them (legal translation required in Arabic)
  5. A copy of the shareholder’s certificate.

 

For a company not based in the UAE (with names of the shareholders)

  1. A copy of the business permit
  2. A copy of the licence holder’s passport or Emirates ID
  3. Power of attorney (optional)
  4. A copy of the company’s articles and information about them (legal translation required in Arabic). The Ministry of Foreign Affairs must certify it.
  5. A free zone no-objection letter with a one-year validity is necessary in the event of a purchase.
  6. A copy of the shareholder’s certificate.

 

For a GCC-based business

  1. A copy of the business permit
  2. A copy of the licence holder’s passport or Emirates ID
  3. Power of attorney (optional)
  4. A copy of the company’s articles and information about them (legal translation required in Arabic). The Ministry of Foreign Affairs must certify it.
  5. A copy of the shareholder’s certificate.

PROCEDURE

The following phases make up the registration process for Dubai property available for rent to own:

  • Access the Oqood Portal.
  • From the services menu, choose “Registration of a rent-to-own property (initial)“.
  • Add your finance information and submit your papers.
  • Select the payment option you want.
  • online application submission
  • The tenant will get a document through email.

It takes six business days to finish the servicing process.

FEES

The following new fees are required to register rent-to-own properties in Dubai:

  • Tenant: 0.25 percent of the monthly rent
  • buyer: 2% of the selling price
  • Owner: 2% of the sales price
  • 10 AED is the knowledge fee.
  • The innovation cost is AED 10

The Oqood Portal charges developers AED 1,000 for self-registration.

PAYMENT METHODS

The following payment options are available for rent-to-own property registration in Dubai:

  • Noqodi
  • the Trust account of the applicant

CONDITIONS AND TERMS

Certain terms must be fulfilled to proceed with the process
To move on with the procedure, a number of conditions must be met.
  1. The sale and purchase agreement must be signed by both the developer and the buyer.
  2. The guardian must sign the sale and purchase agreement if the buyer is under the legal age. The guardian’s passport or ID card must have the agreement attached to it.
  3. The sale and purchase agreement must be registered for the initial registry within 90 days of the contract’s signing.
  4. If the buyer is a decree holder, a letter from the Federal Authority for Identity and Citizenship is necessary.
  5. To register for a mortgage or financing, a letter containing the amount and date of the lease must be provided by the bank.

These are the specifics on how to first register for rent-to-own properties in Dubai. The service helps in building equity while assisting you in maintaining a budget. If you wish to buy a property in the Emirate, you may browse through these properties for sale in Dubai.

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AR

AR is a word at heart, despite being a minimalist at heart. He is always looking for new topics to write about.

This Blog is provided solely for educational reasons, including broad information and a general comprehension of its content, including related laws and regulations, and is not intended to give particular legal advice. The Blog is not intended to replace competent advice from a registered expert.

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