Question 1

What is conveyancing?

Accepted Answer

Conveyancing is the legal process of transferring property ownership from one person to another. A conveyancer manages this process from start to finish, assisting Buyer and Seller, ensuring a smooth transfer while protecting all legal rights.

Question 2

Why Do You Need A Conveyancer?

Accepted Answer

Conveyancing is a legal procedure, and as such, it requires legal expertise to ensure the legitimacy and validity of the process, in addition to protecting all parties from legal encumbrances and liabilities.

Question 3

Is Conveyancing mandatory?

Accepted Answer

Whilst mandatory in the overseas real estate industry, conveyancing is still being implemented in the UAE. Nevertheless, all major real estates brokerages do work in partnership with conveyancing firms, to ensure their clients satisfaction and protection.

Question 4

Isn't conveyancing the broker duty?

Accepted Answer

No, it isn`t.
Real estate brokers handle appraisals, marketing, viewings, and negotiations, having no liabilities regarding legal processes. Conveyancers, on the contrary, focus solely on property transfers. A dedicated conveyancer provides a more streamlined and
informed service, maintaining neutrality and protecting all parties’ legal interests.

Question 5

How long will my transaction take?

Accepted Answer

A real estate transaction in the UAE is usually finalized in the span between two weeks and two months, depending on the parties financial and legal circumstances.

Question 6

Is my physical presence required (Do I need to come to Dubai to buy a property)?

Accepted Answer

No, it isn`t.
When buying a ready property in the UAE, your physical presence would be required for the final signature on the date of transfer.
Nevertheless, by appointing a dedicated specialist as your POA, he/she will be able to sign on your behalf, avoiding the need of any travel.

Question 7

Do I need a real estate agency to sell or buy a property?

Accepted Answer

No, you don`t.
Although recommended, the involvement of a real estate agency it`s not a must. If you know your buyer or your seller and all the terms are agreed, the transaction can proceed through a conveyancing firm without the need of a brokerage acting as
intermediary.

Question 8

What is a Form A?

Accepted Answer

Form A is the agreements between the Seller and the Real Estate Brokerage representing him and assisting him with the sale of his unit.
Unless exclusive, a Seller can sign up to three Form As with three different brokerages, each one with its own terms and conditions, including but not limited to payable agency fees, marketing fees, listing price and selling price.

Question 9

What is a Form B?

Accepted Answer

Form B is the agreements between the Buyer and the Real Estate Brokerage representing him and assisting him with the purchase of his unit.
Unless exclusive, a Buyer can sign up unlimited Form Bs, each one with its own terms and conditions, including but not limited to his budget, property type, area of interest and payable agency fees.

Question 10

What is a Form F?

Accepted Answer

Also known as MOU (Memorandum of Understanding) or SPA (Sale and Purchase Agreement), the Form F is the agreement between Buyer and Seller.
This is created digitally by merging the pre-existing Form A and B. It will include all the terms and conditions of each agreement, from the one that each party has with the agency, to the one between the parties themselves.

Question 11

What is a KYC?

Accepted Answer

As per the Anti Money Laundering Federal Decree Law 20 of 2018 and Article 20(2) of Cabinet Decision No. (10) of 2019 relating to Money Laundering in the UAE in the Real Estate Sector, the KYC (Know your client form) is a declaration form required from every client, indicating the main source of income for their funds.

Question 12

Do I have need to pay any deposit when signing an MOU?

Accepted Answer

A security deposit cheque must be handed over to the Seller or his representative to ensure the legal validity of the Form F.
Nevertheless, unless otherwise agreed, the security cheque is not to be cashed by any of the parties at any point in time for whatever reason. This will in fact be returned to the Buyer on the date of the final transfer.

Question 13

What is an escrow account?

Accepted Answer

An Escrow Account is a third-party account that can be used for additional security when transacting large sum of money.
The proceed of the Seller will be paid in the Escrow Account prior the finalization of the sale. Upon confirmation that the funds are with the Escrow Account, the sale will be finalized and only after the Escrow Account will be releasing the money to the Seller.
It is crucial to use a registered Escrow Account to ensure everyone protection from potential scam or frauds.

Question 14

How do I protect my interests?

Accepted Answer

Hire a Conveyancer.
By having a conveyancer involved in the deal, you will ensure a neutral party will be handling the procedure, representing all the involved parties and with the sole interest of finalizing the deal as per the clients’ requests.
This will ensure that regardless of the circumstances, no one interest will prevail on someone else. Everything will be handled to ensure everyone satisfaction and legal protection.

Question 15

What is a Title Deed?

Accepted Answer

A Title Deed is the actual ownership certificate for each property in the UAE. Each Title Deed is unique and identified by a specific reference number, which can be found under the Oqood on the bottom right of the page.
The certificate is electronic and can be found at any point in time in the Dubai REST app.

Question 16

What is difference between Oqood, Pre-Title Deed and Title Deed?

Accepted Answer

Title Deed, Pre-Title and Oqood are all valid ownership certificate.

The difference between them is in the completion percentage of the project. For instance, when buying a property off-plan (on paper), the Buyer will receive an Oqood at the end of the transaction.

When the development is close to its completion, the developer might initiate the Pre-Title Deed registration. This is not mandatory, and developers might not undertake this process.

Once the process is handed over, unless there is a post-handover payment plan in place (then a Pre-Title Deed will be issued instead) the owner can raise the request for the Title Deed.

Question 17

Can I sell my unit with an Oqood?

Accepted Answer

Yes, you can.
A Seller can enter a Sale and Purchase agreement with a Buyer through his Oqood.
When entering a resale transaction on Oqood, it`s important to keep in mind that the process will differ from a resale on Title Deed.
The interaction with the developer will be much more frequent, the process lengthier and the paperwork heavier.

Question 18

Can I get a VISA by investing in a property in the UAE?

Accepted Answer

Yes, you can.
Investing in a property in the UAE, whether ready or off-plan, allows the Buyer to request for a two, five or ten year residency VISA, based on the criteria and whether these ones are met.

Question 19

Is it safe to buy an off-plan unit from an individual?

Accepted Answer

Yes, it is.
Although in majority of cases, Buyers need to pay substantial sums on behalf of the Seller throughout the course of the transaction, off-plan resale are still very common in the UAE and usually a great investment for Buyers.
Due to the more complex procedures and higher risks involved, these transactions must be supervised by a solicitor to ensure everyone legal protection.

Question 20

What is a Manager`s cheque?

Accepted Answer

A Manager`s cheque is a cheque that needs to be requested from the client, directly to his bank, through one of the branches.
The creation of a Manager`s cheque is subject to the funds availability in the client`s account. The funds will be frozen, and this will prevent any chance of the cheque bouncing for insufficient funds upon deposit.
As of today, this is still the preferred payment method for real estate transaction in the UAE.

Frequently asked questions