The real estate market of Sharjah has gained significant attention in previous decades, attracting both local and international investors. To cater investors’ influx and protect the rights of all parties involved, the government has introduced different contracts and documentation. These contracts and documentations for buying property increase transparency, cementing the trust of both buyers and sellers. However, navigating through these contracts and documentation can be overwhelming for many.
For your convenience, we have detailed all the contracts and documentation for buying a property in Sharjah.
Essential Contracts for Buying a Property in Sharjah
Similar to the legal requirements for selling properties in Sharjah, multiple documents are also required when buying a property.
Here are the complete details regarding the contractual requirements to buy a property in Sharjah.
Memorandum of Understanding (MoU)
To buy property in Sharjah, it is important for both the parties to sign a real estate Memorandum of Understanding (MoU).
The document contains details like deposit amount, property information, buyer’s information and other terms and conditions. The agreement is valid for 30 days and will need another MoU after the mentioned period.
Sales Agreement
In certain cases, sellers may ask to sign a sales agreement after MoU. The sales agreement is a legal document that states all the terms and conditions of property transactions. However, sales agreements and MoU are often confused, but they are two different types of agreements.
The core difference between both the agreements is of legal binding, the sales agreement can legally bind buyers and sellers, which is not the case with MoU.
No Objection Certificate (NOC)
As evident from the name, a no-objection certificate is an official document issued by the developer or concerned authorities, confirming that there are no dues and the property can be sold. The NOC is usually related to sellers, but buyers might also need it in certain cases.
Sales and Purchase Agreement (SPA)
The last on the list of contracts and documentations for buying a property in Sharjah is a Sales and Purchase Agreement (SPA). The agreement includes information like property layout, financial transactions and personal information. The SPA is usually signed when buying off-plan properties for sale in Sharjah.
Essential Documents for Buying a Property in Sharjah
Now that you are aware of the contract and legalities that are necessary for buying a property in Sharjah, let’s move towards the essential documents.
Following are the essential documents for buying a property in Sharjah.
- Emirates ID/Valid Passport
- Power of Attorney (if buyer or seller are not present)
- Proof of income (if required)
- eNOC
FAQs
What is the role of the Sharjah Real Estate Registration Department (SRERD) in property transactions?
The SRERD caters to property transactions by regulating ownership transfers, issuing title deeds and ensuring compliance with real estate laws.
What should a property agreement or sale contract include when buying a property in Sharjah?
The agreement should include buyer and seller details, property details, agreed payment terms, NOC requirements, pending dues, legal compliance, signature and contact information.
How do I obtain a title deed after purchasing a property in Sharjah?
The title deed can be obtained from the Sharjah Real Estate Registration Department (SRERD). Here is the complete process of title deed transfer in Sharjah that you can read through.
These are the contracts and documentation for buying a property in Sharjah. The documents and contracts ensure transparency in the property transaction process and also safeguard the rights of both buyers and sellers. All of this combined aids in strengthening Sharjah’s real estate market. If you are also interested in availing of the benefits of a stable market, browse through these properties for sale in Sharjah and find an ideal unit for yourself.
In case you are new to the emirate, read through our Sharjah Annual Property Market Report 2024, which elaborates on the market dynamics in detail.
Stay tuned to dubizzle’s property blog for more information on the property buying processes in the UAE.
