Potential Fees

Fees are very dependent on whether you decide to sell or invest in resale/ pre-owned property or off-plan and newly completed direct units.

Below is a list covering all potential fees relating to both of the above: -

Off-plan/ Newly completed direct property (never owned)

Compared to Resale property there are relatively few fees

  • Oqood fees, which are currently 4% of the original net price, which has to be paid directly to the Dubai Land Department, at the same time as first payment is due, or just after.
  • Developers’ pre-registration fee which is approx. AED 1500 paid to the developer.

 

Resale/ pre-owned property

  • Purchasers Agency/ Brokers fees – 2% of the net selling price
  • Vendors Agency fees if the property is EXCLUSIVE to one Agent - 2% of the net selling price
  • Dubai Land Department transfer fee – 4% of the net selling price plus a small administrative fee approx. AED 500. There is also a cost of 4,000AED to be paid on the day of the transfer to facilitate the transfer at one of the transfer offices. This is normally split equally between buyer and seller.
  • Sellers who have a mortgage on their property will be required to apply for a liability settlement statement from their mortgage provider. Prices vary between financiers.
  • Sellers will be required to apply for a Developer's NOC (No Objection Certificate) which can vary between 500 AED & 5000 AED depending on the developer.
  • Mortgage registration and deregistration fees where appropriate.
  • If the property is still off plan or under construction and the buyer is selling on the unit, he will usually want a premium (dependent on desirability and current level of construction, which could range from 1-25%) plus there are Oqood/ transfer fees, which are a further 4% of the original net price, payable to the Dubai Land Dept.
  • Conveyancing Fees (all fees are approximate dependant on which Conveyancing Company is chosen).

         Cash to cash transaction (no mortgage involved) AED 6000

         Mortgaged Purchaser and Cash Vendor AED 8000

         Cash or Mortgage Purchaser with Mortgage Vendor AED 10,000

As there are higher risks associated with a mortgaged Vendor the Conveyancing Company take the following additional steps to ensure extra security for the buyer

a) Vendor Power of Attorney- take a Power of Attorney from the Vendor which enables the Conveyancing Company to complete the transfer if the Vendor is not available (fee for Vendor is approx. AED 1500 if notarised at the Dubai Court or AED 3500 if notarised outside the U.A.E)

b) Manual Transfer (Block at the Dubai Lands Department). This is done prior to the Purchasers mortgage being cleared. All funds should be available in Managers Cheques in order for the block to be registered (we can talk you through this is more detail if this is applicable to you). The block essentially registers a Purchasers interest in the property and stops the Vendor from renting or selling the property after his mortgage has been cleared. The fee is AED 2010.

  • Purchase price above AED 15,000,000 - Conveyancing Company fee AED 20,000
  • Initial registration (for properties without title deed) AED 1000 in addition to the above fees
  • Gifting of properties (between relatives)- Conveyancing Company fee AED 5000
  • VIP/Walk-in transfer - Conveyancing Company fee AED 4000

 

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