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Buying property without using a real estate agent

4

Posts

EW NEWBIE

Latest post on 01 February 2011 - 11:08

We are considering purchasing the apartment we currently rent. As we have always had a good relationship with the landlord we are negotiating the sale directly with him. Has anyone done this before?

Can anyone give me an idea of the costs/processes involved in finalising the sale when doing it on your own?

TIA

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2937

Posts

EW EXPERT

Latest post on 02 February 2011 - 13:38

We bought our property direct from the owner with no agency involved. We did the MOU ourselves then we both went to the developer and the land department together and changed the registration from their name to ours. The staff at both the developer and the land department asked if we had an agent, we said no and that was that. Of course, things change all the time here so you might find you'll get a different answer tomorrow than you would today!

bowbellscowbell...

304

Posts

EW EXPLORER

Latest post on 02 February 2011 - 11:51

You will need to be RERA registered to transfer a property .Your laywer will only normally draft your MOU. The majority of Lawyers aren't RERA registered. The Dubai land authority won't transfer a property without a RERA registered agent representing the client. an agent will normally charge 2% even 1 in some cases - depends on the property..

2043

Posts

EW EXPERT

Latest post on 02 February 2011 - 11:31

by law you have to use an agent .... Really? I am learning a lot today. I can't understand the reasoning behind this, surely a lawyer is more important!

bowbellscowbell...

304

Posts

EW EXPLORER

Latest post on 02 February 2011 - 11:29

by law you have to use an agent ....

gleekfamily24043

481

Posts

EW EXPLORER

Latest post on 01 February 2011 - 23:54

I don't know how it works here, but one thing I would recommend is looking into an escrow company to ensure that a) the LL has the right to sell the property to you (I know it sounds weird, but you never know), b) that all changes and procedures are agreed upon and executed before final payment is handed over. Maybe your mortgage company will provide this service or maybe there is an independent company who can. I'm not sure...but it's something that I would absolutely ask about.

1184

Posts

EW OLDHAND

Latest post on 01 February 2011 - 23:47

go ahead, do on your own. agents cost extra money for no reason. you need to get the title deed moved from the LL's name to your name. make sure you are fully aware of all common expenses and community maintenance charges.

4

Posts

EW NEWBIE

Latest post on 01 February 2011 - 12:20

BUMP-really? Nobody has an advice? :(

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