The Dubai Land Department (DLD) offers a dedicated service for the transfer of lease-to-own contracts, adding to the convenience of buyers and sellers. The service ensures that all legal rights and responsibilities are properly transferred between the property owner and the financing entity. This not only makes the transition smooth but also provides it with a legal status. The lease transfer process is initiated by submitting an application to the DLD.
Let’s take a look at how to submit a lease-to-own transfer application in Dubai and all the documents required for it.
Dubai Lease-to-Own Transfer Application
Similar to lease-to-own registration application, it is necessary to submit an application for its transfer. These are the steps for submitting a lease-to-own transfer application in Dubai.
- Step 1: Visit the service centre located at the Real Estate Registration Trustee Centre.
- Step 2: Submit all the required documents (mentioned below) to an employee for uploading them via the digital safe.
- Step 3: Wait for the audit of transaction details entered by the employee.
- Step 4: Pay the fee and receive a payment receipt.
- Step 5: Receive documents, map and fee balance via email.
Documents Required for Lease-to-Own Transfer Application in Dubai
The documents required for the lease-to-own property transfer in Dubai vary from applicant to applicant. For individuals submitting transfer applications, the documents required are as follows:
- A letter from the previous bank stating no objection to the lease transfer
- A letter from the new bank mentioning the total lease amount and the start and expiry dates
- Original Emirates ID or valid passport (for identification proof only)
- In the case of a representative, a legal power of attorney is required
If the application is submitted by an individual (one person) establishment, the required documents are:
- Trade licence (copy)
- Original Emirates ID or valid passport (for identification proof only)
- In the case of a representative, a legal power of attorney is required
In case of a limited liability company, the following sets of documents are required:
- Trade licence with parties and lineage page (copy & original)
- Certificate of job title
- If annexes, the Memorandum of Association is required (original & copy attested by the Ministry of Foreign Affairs to be translated into the Arabic language)
- In the case of a representative, a legal power of attorney is required or a duly notarised board of directors resolution
Lease to Own Transfer Application Fee
When submitting a lease-to-own transfer application in Dubai, applicants have to pay the following fees.
- 0.25% of the total rental value.
- AED 250 for the issuance of Certificate of Title/Title Deed.
- Issuance of a plot map for the lands outside the authority of Dubai Municipality, AED 100 is charged. If the land is within the jurisdiction, AED 225 is charged.
- The fee for the villa and apartment is AED 225.
- AED 10 knowledge fee for each drawing.
- AED 10 innovation fee for each drawing.
- The service partner fee is AED 4000 + VAT.
The service fee for submitting a lease-to-own transfer application in Dubai can be paid through epay, Sadad Dubai platform, Noqodi or a Manager’s check in favour of the DLD Dubai.
FAQs
How do I apply for a lease-to-own transfer in Dubai?
Submit an application to DLD along with all the required documents. Pay the required fee and the transfer will be completed within 10 to 15 minutes.
Can foreigners apply for a lease-to-own transfer in Dubai?
Yes, foreigners are allowed to apply for the lease-to-own transfer in Dubai.
How long does the lease-to-own transfer application process take?
After submitting all the documents via the digital safe, it takes around 10 to 15 minutes to complete the transfer application.
This is all about lease-to-own transfer applications in Dubai. Services like lease-to-own transfer applications not only add to the convenience of the users but also increase market transparency. The higher transparency, investor protection and digital accessibility continue to strengthen confidence in the real estate market.
The investor’s confidence leads to a stable market showing an upward trajectory every year. If you are also planning to avail of this growing market, browse through these properties for sale in Dubai and find an ideal unit for investment.
If you are new to the market, here are some tips for successful real estate investment that can help in the process.
Stay connected with dubizzle’s property blog for more information on the types of leases in Dubai.
