Initial Discussion
Investors always engage their funds in those projects that look lucrative and tempting from the future cash flows aspect and high monetary benefit attached to them. The real estate business in Dubai is one such bankable option for potential capitalists. It involves the investment in fully built assets or land that requires further construction. Non-native investors or foreign capitalists, who have no particular insight into the Real estate laws in the UAE contact experience enriched real estate legal consultants in dubai before approving any such investment deal.
Competent Real Estate Legal Consultants and Lawyers
Both the parties i.e. one who is selling out his asset and the other who is purchasing it must be fully aware of the legal proceedings, documentation, and bindings that exist while making any sale or purchase pact. Competent Real Estate Legal Consultants and Lawyers in Dubai make sure that their clients get the necessary know-how of all the legal aspects of any sale contract. Especially when the client is of a foreign origin, then it becomes essential for them to be fully aware of the working of the real estate business and the rules and regulations that regulate any investment or sale contract.
It is interesting to note that non-national investors were not permitted by law to own any property in dubai sometime back. However, the change of times triggered a need for amendment in legislation that governed the real estate business. Thus, it gave rise to the opening of new avenues in investment options. Foreign investors can attain property possession through leasing or renting. The lease period goes as far as 99 years to ease the person acquiring the property. Few parts of the lands are fully 100% owned where a buyer can become 100% owner. However, there are certain legal complications in the case of the death of the non-national property owner. In such a scenario, the Inheritance Laws of his home country come into consideration. However, if the person in question holds the nationality of two countries then the resolution to such a case of inheritance becomes difficult. To avoid all such inconveniences, non-native investors are encouraged to have a valid Will before going for any such property acquisitions in Dubai. It shall make the transfer of ownership easier to their legal heirs and tends to erase any legal ambiguity. Non-native investments can invest in Dubai Properties, UAE Properties without having a residence permit. This investment in property can let him have a residence visa or entrepreneur visa.
Difference between Real Estate Company and the Law Firm
Real Estate companies can facilitate only a buyer for buying the properties. The role of Law Firms and Lawyers is quite different. They help in SPA, drafting the agreements, giving advice, finishing the deal with a buyer, attending the meeting and checking documents, monitoring the land department work, title deed etc. Rest, the selling and buying belong to Real Estate Company. Therefore a lawyer here has to be Real Estate Lawyers.
