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
Registration of rent-to-own properties in Dubai requires the following documents:
Required Documents for Individuals
- A copy of the purchase and selling agreement
- A copy of your Emirates ID
- A passport photocopy (for non-residents)
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For Organizations/Single Foundations
- A copy of the business permit
- A copy of the license holder’s passport or Emirates ID
- A power of attorney (optional)
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Regarding Limited Liability Corporations
- A copy of the business permit
- A copy of the license holder’s passport or Emirates ID
- Power of attorney (optional)
- A copy of the company’s articles and information about them (legal translation required in Arabic)
- A copy of the shareholder’s certificate.
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For a company not based in the UAE (with names of the shareholders)
- A copy of the business permit
- A copy of the licence holder’s passport or Emirates ID
- Power of attorney (optional)
- A copy of the company’s articles and information about them (legal translation required in Arabic). The Ministry of Foreign Affairs must certify it.
- A free zone no-objection letter with a one-year validity is necessary in the event of a purchase.
- A copy of the shareholder’s certificate.
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For a GCC-based business
- A copy of the business permit
- A copy of the licence holder’s passport or Emirates ID
- Power of attorney (optional)
- A copy of the company’s articles and information about them (legal translation required in Arabic). The Ministry of Foreign Affairs must certify it.
- 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
- The sale and purchase agreement must be signed by both the developer and the buyer.
- 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.
- The sale and purchase agreement must be registered for the initial registry within 90 days of the contract’s signing.
- If the buyer is a decree holder, a letter from the Federal Authority for Identity and Citizenship is necessary.
- 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.
