What are the Post Handover Steps after Purchasing an Off Plan Property?

Buying off-plan properties in Dubai has become a popular choice for many buyers. If you’re thinking of buying an off-plan property, it’s important to be aware of the process and what to expect after you’ve made your purchase. The post-handover process after purchasing an off-plan property can be daunting, but it is important to remember that you are not alone. A Luxury Property Consultant from Tribeca Real Estate will guide you through the maze of paperwork and help to negotiate any potential problems that may arise.

Assuming you have completed the purchase process and are now the proud owner of an off-plan property, there are still a few post-handover steps to take care of before you can move in and start enjoying your new home.

Final Payments, Fees and Installments

You will likely get a 30-day notice of completion from your developer. To take possession of the apartment as the new owner, you must settle any unpaid balances on the purchase price. Any remaining balance on the property’s purchase price must be paid in full. You will also receive a Handover bundle and/or information on your completion and account statement with the developer along with the completion notice from the developer. You will receive a full breakdown and instructions in your Handover pack from the developer. This will detail exactly what you have and have not paid and what is required from you.

The pre-registration of your property with the Dubai Land Department is known in Arabic as “oqood,” which means “contract.” All off-plan sales must be registered with the Dubai Land Department in order to take place in Dubai. The current Oqood price is AED 1,000 including an AED 20 knowledge charge. Additionally, there will be 4% of the purchase price in regular unit registration fees.

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Utilities and other Maintenance services?

All property owners must pay service fees or maintenance fees each year to cover the cost of maintaining the building’s common facilities.?

Prior to the Handover, you must also register the utilities in your name. This covers the air conditioning, water, and electrical connections (DEWA) (Empower, Emicool or Palm District Cooling). The receipts must be given to the developer as part of the Handover procedure after the utilities are switched over to the new owner’s name. The developer must be paid in advance for the service fees, often once every three months. Service fees are computed based on the property’s net area per square foot.

Before taking possession of your property, you will need to carry out a detailed inspection of the property. There is a Defect Liability Period on the property that will cover faults and damages. Property inspections and snagging are part of our full handover service but we can also carry out individual snag reports if required.

Power of Attorney & Final Handover

?All owners will need to be present personally to sign the Handover papers or alternatively they must be represented by a legally appointed Power of Attorney. The developer will prepare all of the paperwork, you will sign and then receive your Payment Clearance Certificate, Key Release Forms, keys/access cards etc. Once you are satisfied with the above and have paid the developer in full, you will finally be able to take full ownership of your property and receive the keys and access cards. You will be given an appointment by the developer to sign the final paperwork and acquire ownership of the property.

We, at Tribeca Real Estate, are happy to provide you with advice, assistance and guidance throughout the whole handover process. Get in touch with us today if you want to know more about buying off-plan properties in Dubai.?