So you've decided to buy a property. Your mortgage in Dubai has been pre-approved, and you've found the perfect unit. Now there are processes and due diligence to complete before that property officially, and legally becomes yours. A conveyancer is appointed to help manage the transfer of a property from the seller to you. In this article, we'll break down the role of a conveyancer, their fees, and the services you can expect them to deliver as part of your property transaction.
Once you've made an offer and it has been accepted, the seller's representative will draft a contract or Form F as it is known in the UAE outlining the conditions of sale. You may also see the Form F referred to as an MOU. Once this has been signed, this is the stage at which a conveyancer can step in.
On the buyer's side, the conveyancer will work with the seller's agent and your real estate agent to prepare all the legal documentation required. This includes arranging NOCs from the developer, deposit holding, final settlements, and right the way through to title registration and transfer.
The conveyancer can also put a process into effect to protect the buyer known as property blocking. If the seller has a mortgage, the buyer clears the seller's mortgage loan with the sale. Property blocking ensures that the seller can then not sell the property to anyone but the buyer. It is important to note that not all banks or lenders will apply a property block as part of the mortgage terms.
When you work with Holo to arrange your mortgage, our loan progression team will work with your appointed conveyancer to smooth this process as part of the free service we provide.
Conveyancing typical costs between AED 6,000 - 10,000. Your real estate agent may refer you to a conveyancer or have one in-house. However Holo also offers conveyancing services in addition to our free mortgage service. Our conveyancing services are priced below the market average at just AED 5,000 to save you money without compromising on trust or expertise.
The mortgage broker cost in Dubai could also add AED 5,000 to your property-buying journey. Therefore if you work with Holo for both your mortgage and conveyancing, you'll save up to AED 10,000!
No more back-and-forth or communication delays between parties! When you use Holo for your conveyancing services you'll also save time. You'll benefit from having one single point of contact in the loan progression team ensuring your finance is secured swiftly, and in the conveyancing team ensuring the property transaction completes without a hitch.
Transfer of ownership of the property is completed at the Trustee's Office in Dubai. Our conveyancer will attend with you to ensure the transfer of payment from you to the seller, and the release of your new property's keys.
Yes. Your conveyancer can act on your behalf if you appoint them as power of attorney. There are additional fees involved in the drafting, translating, and attesting of a power of attorney arrangement for your conveyancer to represent you and act on your behalf.
Holo offers digital mortgage services including a mortgage calculator and an online mortgage application. Using an online mortgage calculator in Dubai will help you understand how much you could borrow. Our digital mortgage platform has access to over 500 mortgage products from across the UAE's banks, the best Dubai mortgage interest rates and our team of mortgage experts will hold your hand all the way through.
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Want to work with Holo for your conveyancing needs? Contact our team.