Dubai is a global real estate hub, with a wealth of investment opportunities. Among these opportunities, Gifting of Property in Dubai stands out as a favorite option for many, whether for their families or their companies. In this comprehensive guide, we will cover everything you need to know about Gifting of Property in Dubai, from the terms and requirements, to the procedures and costs.
Gifting of Property in Dubai
Gifting of Property in Dubai refers to the transfer of ownership of a property from one person to another without financial consideration. This process is completely legal in Dubai, and is subject to specific laws and regulations that guarantee the rights of all parties involved. In the following lines, we explain the conditions for Gifting Power of Attorney Dubai :
- Eligibility: Both the donor and the donee must be legally qualified to dispose of the property.
- Ownership: The donor must be the actual owner of the property to be gifted, and the property must be free of any mortgages or restrictions that prevent its transfer.
- Approval: The gift of the property must have the approval of all parties involved, including the owner, the donor, the donee, and any other party with an interest in the property, such as banks if the property is mortgaged.
- Registration: The process of gifting the property must be registered with the Dubai Land Department, to ensure that the ownership is transferred officially and legally.
Read more: Power of Attorney Dubai Property
Types of Gifting of Property in Dubai
All types of properties can be gifted in Dubai, so in the following lines we explain an example of Gifting of Property in Dubai:
- Apartments.
- Villas.
- Land.
- Commercial buildings.
How does Gifting of Property in Dubai work?
Gifting of Property in Dubai is done through a specific legal process regulated by the Dubai Land Department. Here are the steps for Gifting of Property in Dubai:
Determining the eligibility of the property:
The property to be gifted must be registered with the Dubai Land Department and fully owned by the donor. Mortgaged properties cannot be gifted without the bank’s approval.
Preparing the required Gifting of Property in Dubai documents:
- The original title deed of the property.
- Valid passports and Emirates IDs for both the donor and the donee.
- Birth certificate or marriage certificate to prove the relationship between the donor and the donee (in the case of gifting to first-degree relatives).
- A no-objection certificate from the real estate developer (if the property is located in a freehold area).
- Any other documents that the Dubai Land Department may require.
Submitting a Gifting of Property in Dubai application:
- The donor and the donee go to one of the customer service centers at the Dubai Land Department.
- The required documents are submitted and the application form for gifting the property is filled out.
Payment of Gifting of Property in Dubai Fees:
The fees required for the gifting process are paid, which include registration fees and fees for issuing the new title deed.
Transfer of Ownership:
After the application is approved and the fees are paid, the Land Department transfers the ownership of the property from the donor to the donee, and issues a new title deed in the name of the donee.
What is the process of property gifting in Dubai?
Gifting of Property in Dubai is a legal procedure through which the ownership of a property is transferred from one person to another without any financial consideration. This is usually done for family or personal reasons, such as a gift or will. It is preferable to hire a POA&More lawyer as they specialize in real estate to prepare the gift agreement and follow up on the registration procedures at the Land Department.
Documents Required to Transfer a Property as a Gift in Dubai
To complete the process of transferring ownership of a property as a gift in Dubai, you will need to provide a set of required documents. These documents are necessary to prove ownership, the relationship between the two parties, and to complete the transfer process legally. Here is a comprehensive list of documents you will need for Gifting of Property in Dubai:
Original Title Deed:
- The title deed must be valid and free of any restrictions or mortgages.
- This deed is an official proof of ownership of the property.
Letter requesting transfer of ownership:
- The letter must include details of the property to be transferred as a gift.
- It must be signed by the current owner or his legal representative.
Proof of the relationship between the two parties:
- Proof of a first-degree relationship between the donor and the donee must be provided.
- These documents can include birth certificates, marriage certificates, or other legal documents proving the relationship.
Emirates ID:
- A copy of the current owner’s Emirates ID.
- A copy of the giftee’s Emirates ID.
Passports:
- If either party is a non-resident, a copy of the passport must be provided.
- Passport must be valid.
Commercial Documents (if one of the parties is a company):
- If one of the parties is a company or establishment, its commercial documents must be submitted.
- These documents may include the trade license, certificate of incorporation, and other relevant documents.
No Objection Certificate from the Developer (for off-plan properties):
- If the property is still off-plan, a No Objection Certificate must be obtained from the developer.
- This certificate indicates the developer’s approval to transfer ownership.
Bank Approval (in case of mortgage):
- If the property is mortgaged to the bank, the bank’s approval to transfer ownership must be obtained.
- An official letter from the bank stating its approval must be submitted.
Read more: Special Power of Attorney for Sale of Property
What is the cost of gifting property in Dubai?
The cost of Gifting of Property in Dubai is affected by several important factors that must be taken into consideration. These factors include:
- These fees are set as a percentage of the property value, and vary depending on the type of property.
- These fees include the property registration fees at the Land Department, and may vary depending on the type and size of the property.
- You may need to have the property formally appraised by a Land Department-approved valuer, to determine its value for gifting purposes.
- You may need to hire a lawyer to prepare the gift contract and complete the necessary legal procedures, which includes consultancy fees and attorney fees.
- Additional costs may include mortgage approval fees (if the property is mortgaged), and fees for issuing a new title deed.
- Property type: Registration and appraisal fees vary depending on the type of property (residential, commercial, etc.).
- Property location: The location of the property may affect its value and therefore the Land Department fees.
- Property size: The size of the property may affect the registration and appraisal fees.
- Market conditions: The general state of the real estate market may affect the value of the property and therefore the total cost.
Read more: Cost of Power of Attorney in Dubai
Who can receive a Gift of Property as per the UAE law?
According to UAE law, the following persons are eligible for Gifting of Property in Dubai:
- First degree relatives: This includes parents, children, and spouses.
- Companies: Real estate may be gifted to companies provided that it is fully owned by the person making the gift.
- The property must be ready and have a clear title deed.
- Off-plan properties may not be gifted until construction is completed and the title deed is issued.
- If the property is mortgaged, the approval of the mortgagee bank must be obtained.
- The property may not be gifted multiple times (double gifting).
Advantages POA&More in Gifting of Property in Dubai
POA&More POA Dubai has several advantages in the field of Gifting of Property in Dubai, including:
- Experience and specialization: The company has extensive experience in the field of real estate in Dubai, and has a specialized team of highly qualified lawyers and legal consultants in preparing and registering real estate gifting transactions.
- Comprehensiveness: The company provides comprehensive Power of Attorney Dubai Services for gifting real estate, starting from providing legal advice, preparing a draft gifting agreement, registering it with the Dubai Land Department, and receiving the new ownership certificate in the name of the gifted person.
- Accuracy and professionalism: The company is committed to accuracy and professionalism in completing real estate gifting transactions, and pays special attention to the fine details to ensure the integrity of the transaction and protect the rights of all parties.
- Speed and completion: The company is keen to complete real estate gifting transactions as quickly as possible, while maintaining the quality of the service provided.
- Transparency and credibility: The company adopts the principle of transparency and credibility in its dealings with customers, and provides them with all information related to the real estate gifting transaction in a clear and explicit manner.
- Excellent Customer Service: The company provides excellent customer service, as the customer service team receives and answers customer inquiries with care and professionalism.
In addition to these features, POA&More enjoys a good reputation in the Dubai real estate market, thanks to the quality of services it provides, its commitment to professional ethics, and its keenness to achieve customer satisfaction.
