Register your Dubai property before June 30 or face penalties
Developers have started to send the notice to all unit owners, asking them to comply with the new rules before June 1, 2015.
“Further to the notification received from the Government of Dubai Land department dated 19/03/2015 concerning “Registration of Real Estate Actions and Rights in Property Registry & Interim Real estate Registration, Payment of fees to the Department” - we seek your urgent action to complete registration of your unit(s) with Dubai Land Department (DLD) before June 1, 2015,” reads the notice sent by a Dubai-bourse listed developer to unit owners.
It adds: “As mandated by DLD all sold units require to be registered before June 30, 2015, and failure to comply, will attract action & penalties.”
Emirates 24|7 reported earlier that buyers in “off plan” projects have to pay the registration fee of 4 per cent of the property price at the time of booking or within 30 days from purchase (either of the option depends on the developer). Earlier the buyer could defer the fee payment at the time of resell or at handover.
“There are still a number of unit owners who haven’t paid the registration fee to the DLD… ones those who have failed to register at the time when the registration fee was at 2 per cent,” said a senior executive with a top development company on conditions of anonymity. “Those who have the title deed need not worry. What penalties or action will the land department take is still not known,” he added.
DLD had doubled the property registration fee to 4 per cent from 2 per cent of the property value, starting October 2013. The new fee covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses.
However, developers do mention those units owners who have fulfilled their obligations are require to send a scanned copy of title deed.
The following documents are required to facilitate unit registration:
Valid current passport copy
Valid Emirates ID copy
Non residents need to provide valid national ID copy
Sale and purchase agreement of unit and parking particulars
Copy of Power of Attorney and passport copy (if applicable)
Company documents (valid trade license, passport copy)
Original clearance letter from the facility management company
In case of mortgaged units, bank/finance company offer letter addressed to DLD Fees: (charges are subject to change as per DLD guidelines)
Freehold (Completed project):
Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh540)
Additional fee: Dh502 (towards Emirates Real Estate Solutions)
Freehold – payment plan for unit (delayed sale):
Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)
Additional fee: Dh502 (towards Emirates Real Estate Solutions)
Leasehold (Completed project):
Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh530)
Additional fee: Dh502 (towards Emirates Real Estate Solutions)
Leasehold – payment plan for unit (Delayed Sale)
Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)
Additional fee: Dh502 (towards Emirates Real Estate Solutions)
Freehold (Under-Construction project):
Interim Registration Managers cheque to DLD: 4 per cent on original price of unit and parking + knowledge fee (Dh20)
Managers cheque to DLD: Dh1,000 (Oqood registration)
Mortgage fee:
Managers cheque to DLD: 0.25 per cent on mortgaged value + DLD fee Dh10
Completion of Delayed Sale:
Managers cheque to DLD: Dh520
Developer fee: Dh502 (towards Emirates Real Estate Solutions)
