A Complete Guide for Buyers and Sellers in Property Transactions - Secondary Sales

A Complete Guide for Buyers and Sellers in Property Transactions - Secondary Sales

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To ensure legal compliance and a successful property transaction in Dubai, both buyers and sellers must adhere to the guidelines outlined in the Unified Contract F of the Dubai Land Department (DLD). This contract governs the Memorandum of Understanding (MOU) stage, a crucial period where parties establish the terms and conditions of the sale.

For Buyers: Essential Steps and Considerations for MOU Drafting

Buyer’s Information

Personal Details: To ensure a smooth transition to the Unified Contract F, buyers must provide their copyright, Emirates ID, email, and contact number to the brokerage company. This information is required for the company to complete the registration process on the DLD system. Upon successful registration, DLD will send an MOU link to the buyer’s registered email.
Transaction Participation: Buyers should specify if they will attend the transaction in person or if they will appoint a Power of Attorney (POA) to act on their behalf. Luxury Spaces Conveyancing can provide POA services if required.
Payment Method: The buyer must specify their preferred payment method: mortgage or cash. For mortgage purchases, the buyer’s bank will handle the transaction. For cash purchases, payment can be made by manager’s cheque, cash, or bank transfer. As per DLD regulations, the seller must provide a court declaration confirming receipt of funds and waiving any further claims.
Bank Account Status: If a check is issued by a third party, a letter of consent from the third party might be needed to ensure they are acting on the buyer’s behalf and have no ownership interest in the property...Read More

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