Archives:

When purchasing real estate in the Emirate of Dubai, the Non-Objection Certificate (“NOC”) certifies the developer’s consent to the transfer of ownership of the property. An NOC must be applied for and obtained by the seller from the project developer prior to the transfer of ownership by the Dubai Land Department. The latter has the…

The non-disclosure agreement deals with the disclosure of confidential, non-publicly accessible information of parties during the initiation and/or execution of a business transaction (e.g. real estate purchase). It regulates the rights and obligations of the respective parties in detail.

When purchasing real estate in Dubai, the so-called Memorandum of Understanding (MoU) is part of the purchase agreement and describes the details of the real estate transaction in detail. The MoU usually contains the purchase price, payment terms and dates as well as other details of the agreement and is usually used in addition to…

Debtor (“Buyer”) who uses a loan to purchase a property in Dubai and accepts the registration of an encumbrance (mortgage) on the property located in the Emirate of Dubai as security for the loan. The security is registered in the land register at the Dubai Land Department listed on the title deed (“Title Deed”).

Financial institution or bank (“creditor”) that grants a loan for the purpose of purchasing real estate and has a mortgage on the real estate recorded in the land register at the Dubai Land Department as security for the loan. The contracting party is the mortgage debtor (real estate purchaser).

When buying real estate in Dubai, the mortgage is the legal instrument to secure the loan used for the real estate purchase. In this case, the mortgage (charge) on the property is registered in the property register at the Dubai Land Department (see also “lien”).

Development area or building complex for which multiple uses such as residential, office and commercial are intended. Use type may be specified by development area (community) or building/building complex.

Project developer entrusted with the development of a master community (self-contained area). The master developer implements urban planning specifications within the master community and is responsible, among other things, for creating the infrastructure and providing network connections.

Encumbrance (“Mortgage”) of the property (e.g. for a loan) registered in the property register at the Dubai Land Department, which is to be redeemed before the sale of the same.

Preliminary written agreement between two parties (e.g., buyer and seller) that defines the terms under which the buyer is willing to purchase the property from the buyer. While an LoI takes the form of a written contract, it is typically not fully binding on the parties.