– And basically, the entire process can be done on the distance – you don’t have to be over here when you’re buying from the developer – Hi everyone! – In this video, I will explain to you the process of transfer for non-residents. – There are two types of transactions … – when you are buying from the developer and the second one is when you are buying from an individual on the secondary market. – And let’s start with the secondary market because it’s a little bit longer process – and purchase from the developer is quite easy. – So when you are buying on the secondary market – first of all, you need to have a bank account over here in Dubai – and you need to be ready that you will need to spend around 5 days up to 1,5 months for the transaction. – Why is there such a big gap? – The thing is that sometimes the seller can have a mortgage on the property – and it will take time to clear the mortgage. – And besides that, there are some other documents that you need to take before the transfer – such as a NOC from the developer. – NOC from the developer is Non Objection Certificate from the developer. – So the developer will have to check if there are any outstanding amounts that the current owner has – and basically, he’s checking if there are any fees that he needs to pay for the maintenance fees – and if everything is okay, they will allow you to make a transfer – and this makes the transaction very safe for you. – So how does it usually work on the secondary market? – First of all, you need to find a property. – After that, you will need to sign an agreement with the seller. – You will need to put 10% as a security deposit and after that, you need to go to the NOC for the developer – and once the NOC is ready you will go for the transfer. – Somewhere in between, there might be a bank with the mortgage – and in some cases, it can take some time. – So you need to be ready that you will need to spend maybe a few days in Dubai to finalize everything. – And what is important why I mentioned that you need to have a bank account here – is because you need to prepare a manager’s cheque for the transfer. – You cannot come with the cash for the transfer and you cannot transfer the money to the seller’s account. – So that’s why you need to bring a manager’s cheque. – Manager’s cheque is a cheque that has a guarantee from the bank that there is money on your account. – So when a bank issues a manager’s cheque they block this amount on your account – and like this, the seller will be sure that when he comes with this check to the bank, he will receive his money. – An alternative option is … like if you don’t want to open a bank account here – is to open… to transfer the money to the broker and let him prepare the manager’s cheque, – but I don’t recommend to do that – because you understand there is some risk involved in this – and it’s better to open a bank account. – And the second type of purchases when you are buying from the developer. – This is the easiest and the smoothest purchase that you can make. – First of all, it’s safe as far as your transferring money only to the escrow account – and you don’t have to open here a bank account. – You can just transfer the money directly to the escrow account of the project – and sometimes it’s even easier than to transfer to your own account – because due to some regulations in different countries – you need to explain why you’re transferring money somewhere … unfortunately. – So with the transfer to the escrow account, you can explain it: “I am buying a property” – and basically, the entire process can be done on the distance. – You don’t have to be over here when you’re buying from the developer. – So when a developer is selling something his project needs to be registered. – That project has to have an escrow account – and the government regulates all this. – So I have a lot of cases when people just transferring money to the escrow account – and then the developer sends them the sales and purchase agreement. – So once you make the payment of the downpayment – and once you made the payment of the registration fees – the developer will register the property for you. – And again, you don’t have to be here for the registration. – The government made them the developers responsible for this. – They will have to go to the Dubai Land Department and do all the paperwork. – So when we are talking about a purchase from the developer – it can take you only a few hours to choose the unit and to make a transfer. – Everything is very straightforward very transparent and very easy. – So this is the brief information about the transfers. – I hope you got an idea about how most of the systems are working. – And if you have any questions, – I’ll be happy to answer them in the comments below. – Thank you for watching this video – and I’ll see you in the next one. – Goodbye.