Frequently Asked Questions (FAQs)

Common Questions About Buying Property in Dubai

Contracts

What type of contracts will I receive when purchasing a property in Dubai?
Upon booking the unit, you will receive a booking form detailing your information and the unit specifications. After the full down payment and registration fees are paid, the Sales and Purchase Agreement (SPA) will be issued by Prescott Real Estate Development for your signature. This agreement will then be submitted to the Dubai Land Department to issue the Initial Sale Contract (Oqood). Once the project is completed, a title deed will be issued.
How long does it take to receive the SPA after purchasing a property?
The issuance of the SPA typically takes 10-15 working days from the date of purchase. Before the SPA is issued, the submitted documents and details will be reviewed by our Compliance Department. Please note that the down payment, Oqood, and registration charges must be cleared before the SPA can be issued. The signed SPA must be returned within seven days of issuance.
Can I add or remove a joint owner from my Sale and Purchase Agreement?
Yes, the prevailing laws allow the addition or removal of a joint owner from the SPA. To do so, please email [email protected] with your request. Our team will then guide you through the necessary documentation and the process required to amend the agreement.
What should I do if I lose my Sale and Purchase Agreement (SPA)?
If you lose your SPA, contact the Customer Relations Management Department at Prescott Real Estate Development. They will advise you on the steps to take, which may include providing an indemnity letter explaining the circumstances of the loss. Upon verification and payment of an administrative fee of AED 5250, a new original SPA will be issued.

Property

What is a snagging inspection?
A snagging inspection is conducted once the project is completed. You will be invited to inspect the property to ensure it matches the specifications outlined in the SPA. Any defects identified during the inspection will be documented and must be addressed before handover.
Can I make changes to my property or unit?
External modifications to the property or unit are not allowed. However, minor internal changes may be permitted after the unit is fully constructed and handed over, subject to approval by Prescott Real Estate Development and relevant government authorities. Administrative fees may apply for obtaining a No Objection Certificate (NOC).
What are maintenance and service fees?
Maintenance and service fees cover the costs of maintaining and staffing common areas within the project, ensuring they are well-kept for residents. These fees are calculated based on the annual maintenance budget approved by the Real Estate Regulatory Agency (RERA). All details regarding these fees are outlined in the SPA.
Can I rent out my property after handover?
Yes, once the handover process is complete, you are free to rent out your property.
Will my unit be identical to the one I saw at the sales office?
The mock-up units at the Prescott Real Estate Development office are for demonstration purposes only. While your unit will be delivered according to the specifications in your SPA, some variations may occur in line with applicable laws.
What is the process for taking possession of my unit?
As the project nears completion, you will receive a completion notice from Prescott Real Estate Development. This notice will detail the handover date and any outstanding payments. Upon payment completion, you will receive the necessary documents and instructions for the handover. Any unresolved defects will be addressed during the defect liability period.
What will owners receive upon handover?

– Keys to the unit
– A list of important phone numbers
– Car parking remote
– Access cards or biometric access (if applicable)
– Car security sticker (if applicable)
– Owner’s manual

Property Registration and Resale

Which properties are eligible for registration at the Dubai Land Department (DLD)?
All transactions involving the purchase, transfer, or change of shares in Real Estate Property Rights must be registered with the DLD.
Do I need to be a UAE resident to own property in Dubai?
No, non-residents of the UAE can purchase property in designated freehold areas within Dubai. Additional documents may be required as per the applicable laws.
What documents are required to complete Oqood registration, and who is responsible for this process?
Once you book a unit, our customer care team will assist you with the necessary documents for registration. Prescott Real Estate Development will liaise with the DLD and handle the registration process on your behalf.
Can I register my property at a later stage?
No, all units must be registered within 60 days from the date of sale, as per DLD regulations. Failure to comply may result in penalties.
How will I be notified of the completion of my registration?
Upon successful registration, you will receive the registration documents and fee receipts via email from the Dubai Land Department.
What are the registration fees and payment methods?
The current registration fee is 4% of the purchase price, plus administrative fees, as mandated by the DLD. Fees may be subject to change by relevant authorities.
What is the procedure for resale?
The resale procedure is subject to change by the DLD. Currently, the purchaser and incoming purchaser must contact our customer care department to apply for a Transfer No Objection Certificate (NOC). Our team will provide the required documents and any outstanding payment details. Once these are cleared, the NOC will be issued.

Payments

What is the payment policy for the project?
All payments should be made according to the schedule outlined in the SPA. Delays or non-payments may result in penalties or other actions as per the SPA and Dubai property laws.
What happens if I default on a payment?
If you default on a payment, Prescott Real Estate Development will issue a 30-day notice. If the payment is not made within this period, we reserve the right to take necessary actions in accordance with the applicable laws.

Others

How do I notify Prescott Real Estate Development of changes in my communication details?
You can update your communication details by sending an email from your registered email address to [email protected] or by visiting our office. You will be asked to sign a customer information amendment form.
Can I take a home loan and register a mortgage on the property?
Yes, you can take a home loan and register a mortgage with the property by paying the required fee to the DLD. Only banks and financial institutions registered with the UAE Central Bank can provide this service.
Is VAT applicable to my property?
Under UAE law, newly constructed residential properties supplied for the first time or within three years of their construction are exempt from VAT. However, there may be ambiguities regarding the date of supply.
Can I purchase a property in the name of a Free Zone company?
Yes, certain designated Free Zone companies can purchase property, subject to meeting the requirements of the DLD and the relevant Free Zone authorities. Our sales team will guide you through the process.
What is the difference between principal and joint owners in the Sale Agreement?
Both principal and joint owners are equal shareholders of the property unless stated otherwise to the DLD. Notices sent to the Principal Owner are considered served to all owners as per UAE law.