Ever since Dubai opened up land ownership to foreign investors, buying a house in Dubai has become particularly popular with prospective homeowners. However, buying a house is not like walking into a store and purchasing an item off the shelf. It involves a lot of paperwork, and prospective homeowners have to satisfy various legal requirements. The reason for all this paperwork is to grant you legal ownership of the property. Without this, you cannot lay claim on the house you have just bought. Hiring professional property lawyers in Dubai can go a long way in legitimizing your ownership.
Buying a house, especially in Dubai, is a worthwhile investment. However, considering the fact that Dubai is a fast-rising global economic hub, buying a home in this cosmopolitan city could cost you thousands of dollars. It could be your largest investment. For this reason, it is advisable that you enlist the services of professional property lawyers in Dubai. Here are a few reasons why you need a real estate lawyer when buying a house.
1. Performing a Title Search
A title search report is imperative when buying a new house. It gives details of any liens, easements, and encroachments against the house that you intend to buy. Although a real estate agent can perform this task, hiring a lawyer is far much better for you will be killing two birds with the same stone. A lawyer will make sure that the house is devoid of any impediments through this search report. Additionally, this title search report reveals if the seller has the right to sell the house.
2. Preparation of Legal Contracts
The process of buying a house involves a lot of legal formalities that a real estate agent cannot handle. A property lawyer is tasked with preparing all the legal documents including purchase contracts, mortgage agreements, and helping new homeowners acquire a title deed. Preparing a purchase contract requires legal expertise, which you can only get from a real estate lawyer. A property lawyer will also save you the burden of reading through all the terms and conditions, by giving you a summary of the all the legal requirements. However, it is your responsibility to make yourself familiar with the terms, before appending your signature on any contract.
3. Legal Filings
After purchasing a new house, the law demands that you have to file your documents with the relevant authorities. In this case, you have to file your title deed with the Dubai Land Department. A real estate lawyer in Dubai will be able to do this swiftly and efficiently. Additionally, if you are purchasing a commercial building, a lawyer can help you acquire your tax identification number in a timely manner. The lawyer will also ensure that you are compliant with all state regulations that govern homeowners.
4. Facilitate property Transfer
When buying a house as a corporate entity, partnership or trust, rather than an individual, the legal processes involved become more complex. This is because there are more parties involved in the purchase. Hiring a professional lawyer will make things easier. A lawyer will not only facilitate a smooth transfer of property from the seller to the buyers, but also establish the legal boundaries that do not violate the law. A property lawyer in Dubai will ensure that the purchase contract does not infringe on any corporate or partnership agreements.
5. Closing the Deal
After everything is done and dusted, a property lawyer will help you close the deal. Closing the deal involves reviewing the sale agreement and appending the final signatures. Make sure all agreements are in writing, to avoid any possible legal claims or cases against you. Your lawyer will be able to review the documents and provide legal advice before you append your signature.
Although it is not a legal requirement to hire a real estate lawyer, having a lawyer assist your purchase your house removes the possibility of any future legal tussles. For instance, if you fail to file your title deed with the Dubai Land Department, you may incur some fines. Hiring a lawyer is worth it. Moreover, property lawyers in Dubai are always ready to assist prospective homeowners settling in their new homes by providing legal services at affordable rates.