Buying property in the UAE is everyone’s dream. However, if you’re a first-time property buyer, you will probably have a lot of reservations before going for it and you would need real estate agent to consult. And these fears and anxieties are rightly justified.
Although real estate is one of the most common investments and purchases, there are still chances of fraudulent cases. Whether you are looking for apartments for sale in the UAE or want a property for rent, you need a real estate broker who can help with all the legal paperwork and processes surrounding transactions. However, before you hire a real estate agent, there are some important things that you need to know and the steps you must take. These include:
Unlike many other countries where almost anyone can be a real estate agent, the process differs in the UAE. The government requires all brokers to register with RERA (Real Estate Regulatory Authority). This authority is responsible to ensure that all real estate agents in the UAE hold up the code of ethics in all their dealings. Furthermore, the authority provides guidelines for real estate agents to make their skills and competence useful in property dealings.
In addition to that, a real estate agent needs a Real Estate Diploma unless they’re a university graduate. In which case, they’ll need to complete the Real Estate Qualification course. The agent also needs to be over 21 years of age and a citizen of the GCC or a UAE national to be able to lawfully offer their services. Unless the agent you are hiring doesn’t meet the criteria, it’s better to get someone who does.
All real estate agents receive their broker cards as per the category of real estate dealings they can deal with. The Dubai Land Department defines these categories and issues the cards to different brokers. There are three colors that you should know about and always ask the agent you’re hiring for as well.
The Department of Economic Development issues the blue card to the agents. The broker with such a card can undertake a brokerage business in Dubai. This also includes territories of the free zones.
The brokers who have a green card can only operate on their company’s properties.
The real estate agents with a red card can only market their time-sharing properties, i.e. Leasehold properties.
It is imperative that you check the card of the agent you’re hiring. It is illegal for an agent to continue operating without renewing this license. Therefore, you should check the expiration date of the card as well.
No matter how sure you are about your agent, it’s always a good idea to do a background check. This isn’t because your judgment might be wrong. It’s because you might get to know something crucial that you wouldn’t have guessed otherwise. Check with the previous clientele of the agent to make sure that they can handle your case perfectly. Since real estate dealings involve long term legal bindings and a lot of funds, it must be done right. You can’t undo any process and you can’t fight the government either. If things don’t go as planned, only you will be held liable for it. So, make sure you have considered all these factors discussed above before hiring a real estate agent.