Step By Step To Rent Property in Dubai
by 91estate.com
Posted on 13 February 2018
Renting out a property in Dubai can be extremely one of the wonderful choices for those who are doing it for the first time. It commit a sequence of operations and there are certain laws that a landlord need to stand for.
Renting out a property in Dubai can be extremely one of the wonderful choices for those who are doing it for the first time. It commit a sequence of operations and there are certain laws that a landlord need to stand for. The following are the guidelines / steps described belowin order to help you understand best possible way so you can rent a property:
1. Select a Real Estate Agency / Company
Selecting a right real estate company can be one the very first step in order to buy your property, it is important for you to choose the real estate company after knowing all the facts about the company, also the background and the past work done by the company. It is really important for you to accord with companies which are honor and are registered with Real Estate Regulatory Agency (RERA), which is a government agency which controls all the real estate sector in Dubai (the governmental Dubai Land Department). The RERA will help you to find a continent dweller to take care of your home and also manages all the series of process in a very professional manner.2. LISTING PROCESS IN DUBAI (RENTING OUT)
The detail process while lease of a property required a lot of documentation that you as a property owner will need to look after before renting a property. In Dubai, all the properties which are going for the process of renting are required to have a permit which allows them to be advertised by a real estate company that is registered with RERA. To achieve the allowance for taking property from the landlord to the rentals there is the following process which one need to follow:- The title deed
- Passport Copy (s) of the owner(s)
- Signed listing agreement are required to be submitted to the Dubai Land Department (DLD).
3. MARKETING STRATEGY TO FIND TENANT
When you wish to find the best tenant for your property, it is one of the most important decisions that you should work for an effective marketing strategy that highlights the property's distinct unique selling propositions (USPs) and maybe the greatest step in renting out your home. The approach should also unique insight into calculating the best achievable price and also a comprehensive marketing plan. This could include a range of efforts from listing on portals to social media campaigns.
4. GOOD VIEWING OF PROPERTY
As because the first consequence is of high importance, it is mandatory that an acceptable viewing is organized by the real estate company for the potential tenants. It is suggested that your property is clean and is in good condition during the process so as to attract the tenants. Also, make sure that the real estate provides the customers with comments on the viewing, the status of an offer and constructive feedback on the property.
5. DOCUMENTATION AND OFFER
If you are buying the property as an investment, or renting a property, you should also consider the potential rental yield.Try and get a realistic picturebefore making a counter offer.If you manage to get the house within your budget, the contingency fund will come in handy to carry out renovations in the house.Once the tenant decides on renting the property, he is made to complete and sign a reservation form and collect a deposit to validate their offer. All the important documents are then collected from him and a contract person which is nothing but a person which helps you with a contract between a landlord and a party, following the agreement of the terms and conditions.
6. SIGNING TENANCY CONTRACT
A Tenancy Contract is a must for you as well as the tenant, before the latter moves in to the property. Take some time to read through the contract thorough. Don't feel pressured into signing the contract on the spot. For the most part, a reputable seller will be comfortable with your need to take some time to review the contract. Read the fine print. The scope of a contract is usually written as Terms and Conditions. It is best that the real estate company you have chosen uses a RERA Unified Tenancy Contract and standardized lease addendum outlining the rights and responsibilities of both parties. The contract should be then submitted for an Ejari certificate and legally registered with the Government of Dubai (UAE).
7. PAYMENTS
As a tenant, it's absolutely vital to collect your rent payments on time every month. Sadly, it's also an aspect that many landlords have little control over, waiting each month to see if and when their tenants decide to pay the rents.When tenants fail to pay their rent on time; many owners feel the only course of action is to throw out from their residences those tenants. Whilst it is an option, it should only be used as a last resort as it takes a considerable amount of time, money and effort so it is important to pay the deeds at right time for convenience and better relations When it comes to receiving the payment, thetenant should be asked to make the payment in full at the time of signing the contract or provide the initial payment along with post-dated cheques.As a landlord, it's absolutely vital to collect your rent payments on time each month.
8. THE HANDOVER PROCESS
During the process of handing over the property to the tenant, it should be ensured that the required documents are in order, the contacts for the utilities are in place and it is recommended that you agree on a handover date with the landlord in good time. During the apartment handover, the tenant must return all keys (including copies) and card inventory is prepared, signed and collectednot only must the apartment itself be completely cleared out and thoroughly cleaned. The tenant can then move in to the property. Looking to sell your property instead? Here's our guide.