How to Register in Dubai For Rent-to-Own Properties

The demand for rent-to-own property in Dubai has increased in recent years. For both owners and buyers, a rent-to-own property is a viable financial solution. It also saves you the trouble of making large down payments.

Having said that, the Dubai Land Department (DLD) offers a comprehensive range of property-related facilities and services in the Emirate. This also includes a rent-to-own property service, which assists developers in registering the property in the first place.

Here are the specifics of the stages required in registering for rent-to-own property in Dubai to assist you

HOW TO REGISTER FOR RENT-TO-OWN PROPERTIES IN DUBAI (INITIALLY)

The developer can use this service to register the rent-to-own property in Dubai, assisting the tenant and financier with the first registration. Here are the exact steps and criteria for registering for rent-to-own property in Dubai.

ESSENTIAL DOCUMENTS

The following papers are necessary for the registration of rent-to-own properties in Dubai:

Individuals must provide certain documents.

A copy of the purchase and selling agreement
A copy of the Emirates ID
A copy of the passport (for non-residents)

For Companies /Individual Foundation

A copy of the commercial licence
A copy of the licence owner’s Emirates ID or passport
Power of attorney (optional)

Limited Liability Companies

A copy of the commercial licence
A photocopy of the licensee’s Emirates ID or passport
Power of attorney (optional)
A copy of the articles of incorporation and their information (legal translation required in Arabic)
A copy of the shareholder’s certificate

For a company based outside of the UAE (with names of the shareholders)

A copy of the business licence
A copy of the licensee’s Emirates ID or passport
Power of attorney (optional)
A copy of the articles of incorporation and its information (legal translation required in Arabic). The Ministry of Foreign Affairs must certify it.
In the event of a purchase, a free zone no-objection letter with a one-year validity period is necessary.
A copy of the shareholder’s certificate

For a GCC company

A copy of the business license
A copy of the licensee’s Emirates ID or passport
Power of attorney (optional)
A copy of the articles of incorporation and its information (legal translation required in Arabic). The Ministry of Foreign Affairs must certify it.
A copy of the shareholder’s certificate

PROCEDURE

The following steps are included in the registration process for rent-to-own Dubai property:

Enter the Oqood Portal.
Select ‘Initial registration of a rent-to-own property‘ from the services menu.
Enter your finance information and submit your papers.
Choose your chosen mode of payment.
Fill out the application online.
The tenant will receive an email with a document.

The servicing procedure takes six business days to complete.

FEES

The service costs for registering rent-to-own properties in Dubai are as follows:

Tenant: 0.25% of the monthly rent
Buyer: 2% of the purchase price
2% of the selling price for the seller
The knowledge charge is AED 10.
The innovation cost is AED 10.

Developers must pay AED 1,000 for self-registration on the Oqood Portal.

WAYS TO PAY

Payment for rent-to-own properties in Dubai may be done using the following methods:

Noqodi
Trust account of the applicant

THESE ARE THE TERMS AND CONDITIONS

The sale and purchase agreement must be signed by both the developer and the buyer.
If the buyer is under the legal age, his or her guardian must sign the sale and purchase agreement. The contract must be connected to the guardian’s identification card or passport.
Within 90 days of signing the contract, the sale and purchase agreement must be registered for the first registry.
If the buyer is a decree holder, a letter from the Federal Authority for Identity and Citizenship is necessary.
To register for a mortgage or loan, a letter from the bank detailing the lease data (value and date) is necessary.

These are the steps for registering for rent-to-own properties in Dubai for the first time. The program will assist you in sticking to your budget and building equity.

This article is only offered for educational purposes, providing a general understanding of its material, including relevant laws and regulations, and is not meant to provide specific legal advice. The Blog is not meant to take the place of qualified guidance from a licensed professional.