The title deed is one of the most important documents when it comes to selling or purchasing a property. Not only that, if you plan to give out your property for rent, you will also have to submit its copy for the proceedings. This document signifies property ownership and is one of the most important steps in buying a new home.
It is a key prerequisite whether you are leasing or buying a property in Dubai. You will need it every step of the way, such as:
In simple words, a deed is used to transfer the title to another person. Title, basically, is a legal document that proves the ownership of an asset or property. It is transferred onto your name that verifies your legal ownership of the property. And in terms of real estate, the title means the ownership of the property, indicating that you own the rights to use that property as its legal owner. The holder is granted specific rights to an asset – on a few conditions.
You would hear a lot of real-estate jargon thrown around when you buy a property. Those who don’t know much think of Property Deeds and Titles as the same things. However, both of them are two different legal concepts. Simply put, when you own a property entirely, you possess both the Deed and Title. But the Title tends to be a bit distinct from a Deed. You can get confused and face problems if you are not aware of what you are using.
A title deed includes:
Real estate happens to be a booming industry in Dubai and an area that is responsible for increasing investment in our economy. Hence, apart from keeping a sharp eye to grab the right opportunity at the right time, you must be mindful when it comes to the paperwork.
Investment requires vigilance and being smart about where you are putting your effort, time, and of course, money. You must verify that the proof of ownership i.e. the title deed for completed properties and Oqood for off-plan properties, are in order. Consider this as a prerequisite before you deposit the amount of security deposit. You need to be certain of the authenticity of the documents, and that the property is free from any court case or legal impediment.
Where on one hand real-estate can yield you incredible results, it can also be risky. Therefore, make sure that you recognize any warning signs that reek of an investment fraud.
The Dubai Land Department (DLD) provides you with complete assistance in this regard. This way, it has become rather convenient for anyone to check and confirm the authenticity of the Title Deed. The goal is to boost transparency and practice professional standards.
Read on below to know how you can check the authenticity of the title deed: