What to know before Gifting Property in Dubai? The name Dubai itself strikes the money bells. It is a well established fact that Dubai is synonymous for rich. Residents of this elite and famous city do not shy away from showering their love on their special ones in the form of expensive and luxurious gifts. “Hiba” is the term for gift in Arabic. The concept of Property gifting Dubai is so popular that people often end up giving entire buildings and companies to their loved ones. Which is exactly why you need to pay keen attention to various aspects of property gifting from all the prerequisites and legal aspects?
The better the knowledge the smoother will the process be. A few points you must know before gift transferring 1. You get a benefit of exemption of 4% transfer fee which is payable to Dubai Land Department on all property transfers. 2. Only transfer of property between first degree relatives can be considered ‘gift transfer’. First degree relative’s gift transfer includes property transfer between parents and children, and husband and wife. Siblings do not qualify for first degree relatives under recent sets of rules and regulations.
3. A transfer fee of 0.125% is however applicable at the time of transfer. 4. Prerequisites for gift transfer
Estimation of the price of property from the Land Department NOC from developer of property Proof of first degree relation Identification documents Proof of ownership
5. Cost of gift transfer of property
A minimum transfer fee of AED 2000 If property values above AED 500,000, 0.125% of the overall value shall be paid to Land Department AED 580 for name title deed AED 2000-4000 depending on the size of property, payable to trustee officer for evaluation of the property
6. More than one gift transfer on any property is forbidden according to new rules introduced by Dubai Land Transfer. This means if a property is ever re-gifted, it will be categorized under sale-and-purchase transfer. 7. It is important to give Power of Attorney to done (person receiving the gift transfer).
Hiring an experienced and trusted expert of the field to handle the whole process is essential. Whether you are buying or selling a property, we at Compton Conveyancing help you with the actively evolving real estate business in Dubai. We take care of the entire end-to-end process with utmost efficiency.
Our services include best escrow agents who are familiar with the recent laws and various legal formalities involved. Property Gifting is one of the specialties of Compton Conveyancing. We also provide assistance for eviction notices in Dubai and Rental Dispute Cases, our experienced associates are licensed to present you in the courts, Dubai international Financial Centers, and Rental Dispute Centre. We are the leading company in Dubai’s real estate and always convey our best for client satisfaction and comfort throughout the process. Source Link: https://www.vingle.net/posts/3573372