What is the purchase process?
Typically, the prospective Buyer and Seller enter into an MOU, wherein the buyer commits to purchase the property and the seller commits to sell the property. In a purchase transaction, the buyer pays an initial booking deposit (of not more than AED 100,000 for villas and apartments) to the seller.
If the buyer withdraws from the transaction, the buyer forfeits his booking deposit. If the seller withdraws from the transaction, the seller refunds the booking deposit amount. The buyer pays the balance considered to the seller upon transfer of the property to the buyer.