What are the procedures involved in re-sales and transfers?
a) Can a property purchaser sell his property?
Most developers allow property owners to re-sell their property; however, some have restrictions on the amount the owner must have paid the developer before re-sale. Developers usually charge owners a transfer fee of 1% to 2% of the value of original list price of the property in order to allow the transfer to a new buyer.
b) How is a transfer made?
In order to allow the transfer to a new buyer, developers usually require a property owner to sign a transfer letter with the new buyer at the developer’s office. Developers then usually proceed to issue a new property contract with the new buyer.
c) Does a property purchaser have to be in Dubai to get property transferred?
No, a power of attorney can be appointed to someone in Dubai who may engage in the transfer formalities (the PoA must to be notarized and authenticated by the UAE Embassy in the property owner’s country of residence).
d) Is a power of attorney sufficient for the all transactions to be made including transfer?
Yes, to purchase a property, a notarized POA is sufficient. To sell a property, a notarized POA + authentication by the UAE Embassy is sufficient.