Archive for November, 2012


The contractual matters while dealing in a transaction of property purchase or disposal sometimes go in to some devil details. For a common man, in order to understand the requirements are quite difficult in the first stance. For those who do have some idea of the implementation and implication of a legislation find themselves in hot waters when they are faced with a practical situation of dealing with a particular issue. For instance the covered area as mentioned in the property document need some further questions to get some clarification. The covered area is described in many different ways and the unique way in which it is described in your case certainly needs some interrogation from the agent. There are instances when the covered area stated in the property entitlement documents is exactly the same physically while there are times when covered area is apportioned between the space from where the house is started and shared among the floor and the parking place available.

The maps and planning for an apartment is done some period before the actual construction on it is started. apartment for rent Dubai were started for construction some years back but their maps and related documents had to be completed several months before that. This is important because there are certain regulatory and legal matters to comply with before a permit is granted for the start of the construction. The government officials continue their visits to the apartments which is under the process of construction even after they approved on the basis of their maps. The reason is to check whether the constructor is shaping the building in the manner as shown in the documents, maps and similar other documents. However, practically the building architecture does undergo a slight form of modification because you cannot get exactly the same shape as illustrated in the maps. The person drawing up the map and the laborers who are involved in construction do not have any closest of the link between them.

In case of getting rental apartments and serviced offices in Dubai the requirements relating to title documents is seldom checked. If someone tries to have a check on the genuineness of the ownership of a particular person, in respect of a specific property, it would be considered as unduly lengthening the process period for finalizing the tenancy agreement. Further, in cases of offering property on rentals, the cases of fraud are also not regularly witnessed and surfaced. So it is better to have your contract finalized as soon as possible and avoid going in to the nitty gritty of the property. palm apartments Dubai and palm jumeirah villas are available both for purchase and there are some that can be taken on rentals. Depending upon the requirements, the legal formalities and documentation and registration process are entirely different and so does the payment of grease money fluctuate in both the cases. It is saddened to know that in our society, despite the fact that there are no traces of corruption and mismanagement, the industry of real estate cannot be guaranteed as to the authenticity of transactions. So on a safer side it is always imperative to include a lawyer or at least an estate agent while finalizing any property related transaction.

PROPERTY ALTERNATIVES IN DUBAI

The law that governs the sale and purchase is totally different from the law that surrounds the acquisition on rentals. The knowledge of laws and regulations is a must thing before one can think purchasing a property. This knowledge is obviously a result of detailed reading of the legislations and a practical experience of conducting property transactions. However, a common man is not expected to have such detailed and profound knowledge and understanding and that is why they need to take the services of a property agent.

Properties in Dubai to buy can be searched only after certain conditions are set and some answers are made to a few questions. The buyer must make itself clear as to the amount of money they have for the purpose of purchasing a property. The amount is a mix of the cash reserves, any other properties and other expensive items including jewelry. The buyer makes a certain estimate about the liquid items according to the current market values. For the purpose of other assets including vehicles which they intend to dispose to collect money for including in the total accumulated amount, an estimate is made by carrying out a valuation by any expert. After exhaustion of all the possible money and finance resources, the options for bank overdraft, loan and other money borrowing needs are considered. However, this requires a great deal of option evaluations and finding out alternatives. The amount of loan one can afford to take depends upon the repayment capacity. Obviously the repayment of loan is made in installments and each of such installments is a combination of both principal amount and interest. Before finalizing the decision to borrow, the potential buyer first evaluates all the financing options and selects the one that offers the minimum interest with the lowest security. Once a decision as to the amount available is made, the next question is to decide on the type of property needed to be bought. This decision is made after taking into account the various options available including purchasing an apartment, a bungalow house or portions. Each of the stated options has their own advantages and disadvantages. The next question is to decide on the locality where one wants to have a residence. The locality has a direct and significant impact on the price of the property and this must be considered thoroughly before making a final decision.

So, all the above questions and their slight modification bring a high impact on the amounts of finance available. Rental properties in Dubai however are not subject to such detailed analysis and questioning. But the fact remains the same that question related to choice of location and the amount of rentals that can be afforded remains there and need answering before a look out for the property is started. Dubai property law has been revamped and several modifications to some laws and regulations have been continuously made in order to reflect the growing requirements. These updates and amendments to laws also reflect the need to have a system whereby one can guarantee a smooth and complete transaction without any loophole or chances of penetration of fraud. Downtown property is also governed by the same law.

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