Buying a Property without a Realtor?!
Research Property Details and Information
One way to find a property without a realtor is to search the web. You will get a lot of options, but the downside is having to verify the property details on your own. Remember that the seller's agent will work in the seller's best interest, not the buyer's.
If you are looking into offplan properties, you might miss out on launch dates and exclusive offers when looking without a realtor, so you always need to keep an eye out for that.
Manage Paperwork alongside the guidance of a Lawyer + Negotiation
The first thing to formulate is the buyer and seller contract. During this time, you need to consider whether you're buying with cash or a mortgage, so you can agree on the price before finalizing the agreement. This is also the stage where you need to up your negotiation skills. Then, of course, without a realtor, you'll need a legal compliance firm to review your documents.
After finalizing, you must sign the sale agreement form, which is better known as MOU or Form F, provided by DLD. Then you proceed to collect an NOC from the Developer of the property you are buying. After that, you can go ahead and look into how to transfer of ownership with DLD.
Find the best Mortgage Offer (if you opt to buy with bank finance)
Banks offer different rates, pre-approval processes, and mortgage types. Most realtors work with brokerages that have partnerships with certain banks, so without a realtor, you'll have to find one that suits your plans and budget the best through research.
Property Inspection (for secondary market properties)
To ensure you get the value of what you're paying for, thoroughly inspect the finishing, material, furniture, and appliance to see if it is in the condition you expected. Check for potential maintenance issues and remember to review the property's history. Even if you want to purchase the house as an investment rental property, it's essential to be thorough, as this will affect your ROI.
All too much? Realtors are here to make your purchase hassle and stress-free. So skip to the good part and let the experts handle the process on your behalf. Still hesitating to call and inquire? Let us know if you have had any bad experiences before, and we can reassure you that we can assist you better:
? +971 4 408 7000