Many buyers assume that a real estate agent is sufficient to handle a property transaction. However, an agent’s primary goal is to close the sale, while a lawyer’s primary goal is to protect your legal and financial interests.
Beyond the Standard “Form F”
In Dubai, most secondary market deals use the “Form F” (Memorandum of Understanding). While this is a standard document, it allows for Annexures and Addendums. A contract lawyer will draft specific conditions to protect you, such as “subject to finance” clauses, which allow you to exit the deal without losing your 10% deposit if your mortgage is rejected.
Mitigating Risks in Off-Plan Deals
Off-plan SPAs are drafted by the developer’s legal team and are naturally skewed in their favor. A dedicated lawyer will review these contracts for:
- Termination Rights: What happens if the project is cancelled?
- Liability Caps: Ensuring you aren’t held liable for developer-related delays.
- Dispute Resolution: Setting the venue for any legal battles (e.g., DIFC Courts vs. Dubai Courts).
The Transfer Day Coordination
The “Transfer Day” at the Trustee Office involves the exchange of manager’s cheques and the signing of government documents. Having a lawyer present ensures that all “No Objection Certificates” are valid and that the final settlement reflects any prorated service charges or rental income adjustments.
How DY Legal Consultants Will Help
Hiring DY Legal Consultants means you are hiring peace of mind. We don’t just “read” contracts; we negotiate them. We ensure that every addendum to your MOU is enforceable and that your deposit is protected in a secure third-party account.
As your preferred Real Estate Lawyer in Dubai, we provide a clear breakdown of all closing costs, including the 4% DLD fee and trustee fees, so there are no surprises at the 11th hour. We are your advocates in a fast-paced market where legal precision is the only true security.
