Real Estate Buying and the role of Law Firms in Dubai
If you are planning to invest in Dubai Real Estate by buying properties e.g. apartments, villas, commercial buildings, residential buildings etc. then there is no requirement where you have to be resident of Dubai, UAE. The new rules allow an investor to buy the property on a visit as well. Visit means the entry on a visit visa where anyone is allowed to enter in Dubai, UAE. People come to Dubai for tourism, festivals, attending exhibitions and investing the capital in Dubai, on this VISA category called as Visit VISA. If the reader needs any surety, then he can search online or check with some government authority in Dubai. The regulation 3, 2006 and its Article 3 tells that a Non-UAE Citizen is entitled to buying the property in Dubai with Full hundred percent ownership. Whether it has to be Off-Plan or Full Buying, the visitor is allowed to invest in Dubai and UAE Real Estate. The government of UAE also makes sure that when a visitor comes to country on Visit Visa with an attention to buy the property then he will be on safe side and nothing should go against him. It means he should not be looted, he should not be cheated, and he should not be mis-represented. Real Estate buying is a serious and profitable business in Dubai. Covid-19 effects on real estate too, like other businesses, therefore the COVID-19 exceptions and assumptions should be considered while reading this article.
A Safe Investment
The Real Estate Developing Companies and the Real Estate Companies are professional companies operating in Dubai. All the payments are managed through escrow accounts. It is made sure that when a visitor investor comes to Dubai for the investment purposes then he could not be cheated. Investments in Dubai are safe and the developers in Dubai are considered the best real estate developers in world. This attraction brings the real estate investors to Dubai where these investors and real estate buyers purchase all kind of properties e.g. apartments, villas, residential buildings, commercial buildings etc.
Dubai and all the United Arab Emirates, is the safest place to live and safest place to invest. We can recommend and suggest the readers that if they are planning to buy the properties or investments in Dubai then it is a life changing plan. It will let them have a handsome return in future. All they have to do, to understand the legal requirements and the business trends of thi market and Law Firms in Dubai and their Lawyers in Dubai can certainly help out them this regard.
Role of Law Firms in Dubai
Role of Law Firms in Dubai can be understood through, an example. We will set the reader as a Real Estate Investor or property buyer. Let’s suppose you are planning to buy a Villa in Dubai. It can be an Off-Plan or it can be a Full-Buying. It can be a ready-made Villa or it can be under construction. Let’s suppose you have chosen a 4 BED Room Villa in an amazing locality in Dubai. You contact to a Law Firm in order to support you in this deal. This support can be further elaborated as follows;
- New buyer goes to Law Firm and understands the local real estate rules.
- The knowledge of Land Department is also given to buyer by Law Firm on his choice.
- The documentation, review the documentations, amendments in the documentation, all such jobs are also done by Law Firms.
- Law Firms can help out in verifying the status of a Developer or a Real Estate Company, or can’t as well. Anyhow as we stated above that Developers and Real Estate Companies in Dubai are the best in world and monitored and checked by government strictly.
- Lawyers in Dubai by these Law Firms in Dubai can also play a role of witness in few deals. But such services are not offered by all the Law Firms or Lawyers. These attestations, verifications or witness services can also be found offered by few Law Firms and the Lawyers working for those Law Firms.
- New buyer might not understand about the Sales Purchase Agreement clauses and articles, land department rules and the price plans. He can book a quick but detailed consultation session with some Emirati Law Firm like Al Shaiba Advocates and Legal Consultants.
- This Consultation Session should be setup before meeting the seller or real estate company.
- Law Firms in Dubai, if hired as full-time legal representative for the deal then can save the buyer from many things. If he does not know or might lose in the advantage taking of seller, then Law Firm plays the role here.
- Once the deal is mature, documentation is done, price is paid then these Law Firms in Dubai can also be appointed to communicate with the seller or management company or the person who takes the villa on rent, as a representative. It is seen that a legal representative is usually not cheated or put in darkness by the people as they know that they will have to bear the serious legal consequences later.
Law Firms in Dubai have to deal with legal disputes in Dubai. If any dispute is created with the developer/real estate company/seller or with the tenant later, then Law Firms in Dubai can deal such cases easily. So a full time and serious real estate buyer/investor should appoint a Law Firm and hire a Law Firm in Dubai for full time managing operations. Properties are be managed by facility management company or even a VILLA as well. A multi-dimensional Law Firm can take all the responsibility to manage a property by offering the legal support and coordinating with the facility management company. This discussion clarifies that Visitors can buy the property in Dubai and Law Firms in Dubai must be approached first, for taking further decisions. Even though once the property is bought and rented out, Law Firm Dubai and Dubai Lawyers must be consulted. A person who is a big investor in the real estate must hire these Law Firms and Lawyers Dubai on permanent retainer-ship basis.
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