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Freehold is where you purchase the property in full payment, so you own the property itself and the land it is on. On the other hand, Leasehold is where you purchase the rights for the property for a limited time up to 10 to 99 years.
In Dubai, landlords generally request the renter to pay a security deposit of 5% of the annual rent for unfurnished and 10% for furnished properties. It covers Loss of Rent, Damage to the Property, Lost of Security Keys, and Repairs that are no longer put and tear. You also need to pay a security deposit of 2000 AED for the apartment and 4000 AED for Villa.
A safety credit score of 5% on unfurnished and 10% on furnished houses is required. In addition to that, you have to pay a DEWA savings of AED 2000 for a condominium and AED 4000 for a villa. Also, a rate of AED 225 for Ejari. If there is a chiller that will require a deposit. Then the employer rate as well.
For individuals, tenants should have a valid passport and residence visa copy for Corporate Tenant, a valid Trade License, General Manager's Passport Copy and a valid passport of the Occupant.
The purchaser and the vendor signal an MOU if it is a property bought from a reseller. The Memorandum of Understanding is a settlement between the reseller and the client about the phrases and stipulations of the sale transaction. If shopping for a property at once from the developer, the SPA is signed. The Sales Purchase Agreement, or SPA, is a necessary file you signal with the developer that has all the agreed phrases and prerequisites about the sale transaction.
An average property transaction in Dubai takes around 30 days to complete from the date on which the Agreement for Sale is signed. If all the documents required for registration are available, it takes an average of 30 minutes to register for a sale.
