Want to transfer a lease-to-own property to a new financing entity? The Dubai Land Department (DLD) offers a lease-to-own transfer in Dubai through the Real Estate Registration Trustee Centres. The transfer of Dubai lease-to-own contracts between property owners and the financing entity is now a breeze with this service.
Through this service, the DLD ensures the protection of the legal rights of the involved parties. Scroll down to learn more about a lease-to-transfer application in Dubai.
Overview of a Lease to Own Transfer in Dubai
Rent-to-own schemes have gained immense popularity in Dubai. Under these schemes, tenants can lease a property with the option of purchasing it at the end of the lease term. The Dubai Land Department manages this scheme and protects the buyer and tenant’s rights.
DLD has introduced a lease-to-own property transfer service in Dubai. This service permits a lease-to-own contract transfer between the property owner and a financing entity. Read ahead to learn more about the transfer process.
Required Documents
A lease-to-own transfer in Dubai requires a set of documents that vary by individual. It’s crucial to have these documents ready to avoid any inconveniences. Here’s a brief on all the documents required for different applicants:
Individuals
Individual applicants must have the following documents for a lease-to-own transfer in Dubai:
- A no-objection letter from the previous bank stating that the bank has no objection to the lease transfer.
- A letter from the new bank stating the total lease amount and the start and end dates of the lease.
- Original Emirates ID for identification purposes for UAE residents. Non-resident expats must submit a copy of their valid passport.
- A legal power of attorney as a representative.
Individual (One Person) Establishment
For individuals (one person) establishments, the following documents are mandatory:
- Trade licence copy
- An Emirates ID for identification or a valid passport copy for non-residents
- A legal power of attorney as a representative
Limited Liability Company
Limited Liability Companies must submit these documents for a lease-to-own transfer in Dubai:
- Original and copy of the trade licence
- Copy and original of the parties and the lineage page
- Job title certificate
- Original and copy of Memorandum of Association, translated into Arabic and attested by the Ministry of Foreign Affairs
- A legal power of attorney or a duly notarised board of directors resolution as a representative
How to Apply for Lease to Own Transfer Application in Dubai
The lease-to-own transfer process is quite straightforward. DLD offers this service through the Real Estate Registration Trustee Centres. Here’s how to apply for this service:
- Go to your nearest Real Estate Registration Trustee Centres.
- Head to the service centre.
- Submit the required documents to the employee.
- The employee will upload the documents through the digital safe or treasury.
- Enter your transaction details into the system.
- Pay the fees and get a receipt.
- Receive the documents via email.
Issued Documents
The DLD issues the following documents to applicants via email:
- Certificate of Title, Title Deed, Usufruct Title, Statement Certificate, or Provisional Sale Registration Certificate (Oqoodi)
- Plot map
- Complete fee balance
Service Fees
Lease-to-own transfer fee in Dubai can be paid through different channels such as:
- ePay
- Sadad Dubai platform
- Noqodi
- Manager’s cheque in the name of the DLD
Here’s the service fees charged for a lease-to-own transfer in Dubai:
- Rental value fees: 0.25% of the rental value
- Title deed issuance fees: AED 250
- Land plot map outside the authority of Dubai Municipality: AED 100
- Land plot map within Dubai Municipality jurisdiction: AED 225
- Villa and apartment fees: AED 225
- Knowledge fee: AED 10 per drawing
- Innovation fee: AED 10 per drawing
- Service partners’ fees: AED 4,000 plus VAT (charged on the service partners’ fee)
FAQs
A lease-to-own transfer service in Dubai hardly takes 10 to 15 minutes.
Yes, expats can benefit from the rent-to-own properties in Dubai and apply for a lease-to-own transfer via DLD.
The DLD charges different fees for the lease-to-own transfer process. Some of the main charges include 0.25% of the rental value, AED 250 title deed fees and AED 4,000 service partner fees plus VAT.
Log in to the Oqood Portal and search for the desired service. Enter the financing details and attach the relevant documents. Pay the fees and submit the form. Once issued, applicants will receive the documents via email.
These were all the details about a lease-to-own transfer in Dubai. Transferring a lease to own property in Dubai is now a streamlined and transparent process thanks to the DLD’s digital services. Meanwhile, those searching for a property can browse the apartments for sale in Dubai.
