Ways of Avoiding Real Estate Property Scams in UAE
Property scams are on the rise in UAE as it gains momentum with many people’s flocking to emirates from across the Europe, Africa and Middle East. A great number of the peoples are failing to real estate fraud that has resulted to loss of large amounts of cash and sometimes eviction. One needs to follow precautionary measures to avoid being conned while purchasing properties in UAE. First foremost verifies and deals with licensed estate agent and companies. Check for genuine title deeds, make sure that the property management company have registered for the lease and provides you with registration certificates, and make sure the real agent is legitimate through checking the list of the qualified and approved brokers, check the whether the companies have paid service fees that may generally prevent you from accessing the facilities and finally seeks the guidance of the local lawyers regarding on the legal issues.
Various Scam that are Commonly Available while Purchasing Properties Dubai
Dubai is no stranger to properties scams with resident and foreign investors losing higher amounts of the money to fraudulent transactions. Scams over the past years have taken advantage on desperate peoples in Dubai includes: pyramid selling, illegal cheque, cheque overpayment, fake landlord, fraud bank account, fake email, fake title deeds and fake real estate agent among many others.
Factors to Consider When Purchasing a Residential Property in UAE.
UAE is federation of seven autonomous emirates with significant differences legal systems and properties issues. If you are planning to purchase a residential property in UAE one needs to consult registered developers such real estate regulatory agency and discuss the requirements. Needs to seek legal advice before signing or purchasing the property.
How to Rent a Property in the UAE?
Renting is common place in the UAE with significant dropping that makes the market more competitive place. One needs to use only the registered agents which can be confirmed by requesting them to produce RERA card that shows that the agent is acting in legal capacity. Read and understand the contract before signing and this help in reducing future misunderstanding such as responsibilities, repairs and maintenances costs. You will require to depositing 5% of the annual rent to the landlord to secure the property. Your will normally excepted to provide a copy of the passport and residential proofs.
Legal and law Procedures to Following while Getting Property in Dubai
Dubai is the most populated and well renowned city of the UAE. Dubai properties laws are very important for both local investor and foreign. In order to make an efficient and successful purchase deals the buyers, sellers and one renting properties have to comply effectively with legal procedures and take the prevailing advantage of their assets in Dubai. They are specific law and procedure that have to be followed which includes real estate law number seven, rental properties law and inheritance property law.
Buying Guide for Property in Dubai
The properties guide equips the buyers and investors with adequate information on procedures, legal and steps to follow when purchasing properties in Dubai. In addition the buying guide property in Dubai gives quality and accuracy on properties available in Dubai and how to get them without scum.
Security Guaranteed for the Properties in UAE
The highly quality security is guaranteed for the properties genuine acquired following the laid legal procedures and properties.
It strongly recommended the properties buyers in UAE and Dubai needs to seek independent legal and financial advice at every stage of their purchase. Therefore it is very importance to be cautious and very careful when purchasing property in UAE.
This article is posted by Mr. Chitrang Vyas
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