The real estate sector in Dubai has gained exceptional fame for its rapid growth and great success over the years. The biggest factor that has helped Dubai achieve this fame is the commitment of its government.
Today, the process of purchasing a property in Dubai has become highly simplified because of the initiatives taken by the government. The DLD (Dubai Land Department) is the government agency that regulates and oversees the Dubai real estate sector.
Whether you are searching for apartments, townhouses, or villas for sale in Dubai, you will have to use some of the services offered by the DLD to legalize the deal after finalizing your buying or renting decision.
In this post, you will learn about the most common services offered by the DLD that are directly related to the process of buying a property in Dubai.
Dubai Land Department: A Brief Introduction
Having started its journey in May 1960, DLD is committed to ensuring the efficiency and transparency of the Dubai real estate sector. Maintaining Dubai’s official land registry is among the major responsibilities of the DLD. This registry keeps records of every property transfer and ownership.
Developing and implementing regulations and policies pertaining to property registration, transfer, and ownership is also a major responsibility of the DLD. There are several departments that function under the DLD. One of these is the RERA (Real Estate Regulatory Agency).
RERA is responsible for overseeing the regulation and licensing of real estate agencies and brokers in Dubai. Another key department under the DLD is the Rental Dispute Center. This department offers dispute resolution services for tenants and landlords.
Common Services Offered By the DLD
Here are brief overviews of the common services provided by the DLD that you will need to use when renting or purchasing a property in Dubai.
This is one of the most vital services offered by the DLD. Regardless of the type of property you want to purchase in Dubai, it has to be registered by its developer through the DLD. Besides maintaining the land registry, it issues ownership certificates as well.
Using this service, real estate developers can get the sale of their off-plan properties approved and open escrow accounts.
Transfer of Property Ownership
Whenever you purchase a property in Dubai, the transfer of property ownership between the seller and you is facilitated by the DLD. As part of this service, DLD carries out verification of the ownership of the property, registers the event of transfer or ownership, and issues the changed ownership certificate.
Property Valuation Services
Due to the presence of a large number of different properties available for sale in Dubai’s real estate market, it often becomes difficult for property owners to figure out their properties’ right market values. In that case, they can use property valuation services offered by the DLD.
This service also helps potential real estate investors determine the mortgage value of a property, applicable taxes, and other vital financial details.
Mortgage Registration Services
If you want to take out a mortgage to purchase a property in Dubai, you need to use the mortgage registration services provided by the DLD. Irrespective of the type of mortgage on your property, you can use this service to register it.
Real Estate Licensing Services
As mentioned above, obtaining a license from the RERA is a must to exhibit your competence as a real estate broker or agency in Dubai. An individual, who wants to operate as a real estate broker in the city, needs to finish a four-day training course from the DREI (Dubai Real Estate Institute). The course is approved by RERA and comes with some requirements that must be fulfilled by the attendees to obtain their licenses.
Rental Dispute Resolution Services
Rental dispute resolution services are offered through the Rental Dispute Settlement Centers of DLD. Any tenant or landlord in Dubai is able to file a rental dispute by using DLD’s official website.
Valuation of Property Lease
For those, who want to rent their vacant properties out but do not know their actual rental value, the property lease valuation services offered by the DLD prove to be of good help. You need to raise a lease valuation request from DLD’s official website.
Legal and Advisor Services
If you need expert legal and advisory services to handle real estate matters efficiently, the DLD can help. From property ownership and leasing to dispute resolution and more, the department offers a variety of services.
Registration of Rent-To-Own Contracts
If you want to opt for a rent-to-own scheme, you can register the contract using this service provided by the DLD. There are different service fees for the tenant, the seller, and the buyer. Developers can also choose self-registration by paying a certain fee.
As you can see, DLD plays a fundamental role in propelling the growth of the real estate sector in Dubai. If you find it difficult to understand how to use these services efficiently, it is best to talk to a reputable real estate agency like fäm Properties. The team boasts a solid collection of townhouses, apartments, and city walk apartments for rent, can also help you find the right property quickly.