Congratulations! Your off-plan property in Dubai is ready for handover. But before you assume possession, there’s a daunting handover process waiting for you. Because without proper guidance or the support of a real estate agent, the property handover process can seem meticulous and time-consuming to most buyers and investors. So, as you prepare to move into your dream home or finally see some return on your investment, this quick guide to property handover will smoothen your path to possession.
Step 1: Completion Notice
Instantly after the building is completed, the real estate developer will inform the Dubai Land Department (DLD) about the project completion. The DLD will then issue a completion notice to the developer, who will forward the same to the buyer, giving them 30 days to move in or risk penalties being imposed. The completion notice will contain the prerequisites stipulated by the developer that must be fulfilled by the buyer before taking physical possession of the property.
Step 2: Property Snagging & Inspection
After receiving the completion notice, buyers must arrange a date and time with the developer to conduct a final property inspection. This is known as snagging inspection, wherein the buyer checks the new property for any defects or faults. If a buyer fails to carry out snagging within the developer’s allotted timeframe, it will result in a waiver of rights and the buyer will have to accept the property as is. During snagging, the buyer should list all the defects, such as loose tiles, leaky taps, etc. and report them to the developer.
Step 3: Property Handover Notice
Once all snags have been rectified, the developer will receive an occupancy certificate from the Dubai Municipality. They will then send a property handover notice stating that the property is ready for beneficial occupancy. The handover process usually takes a few hours or, in some cases, a couple of days. It is essential for the buyer to be present on the day of handover to sign the necessary documents and make the final payments.
Step 4: Final Payments
Added to the completion notice is a handover pack which includes the details of the buyer’s completion/account statement, outlining clearly the amount paid and pending. Some of the outstanding payments include final installments on the purchase of the property, Oqood fees or pre-registration fees, registration fees, service charges, administration fees and utility registration fees, among others. Buyers can also connect their DEWA account to make the payment for deposit and connection charges.
Step 5: Final Handover
Once all outstanding payments have been cleared, the developer will give the buyer an appointment to sign the final paperwork and receive the keys/access cards. At the time of the final handover, the buyer must bring along original documents, including passport, Emirates ID card, sales agreement, payment completion certificate, utility and payment receipts and DEWA security deposit receipt, among others. The buyer will then sign a Certificate of Completion and Possession (CCP).
Step 6: Post Handover
Kudos for coming through with the handover process. You now own a piece of Dubai to move into, rent or sell. For best guidance on property handover or property management, investors and buyers can leverage the expertise and resources at RiseUp Holdings’ disposal.