Buying a property in Dubai can be a complicated process, and there are many things to consider. One option to consider when buying a property is property gifting. Property gifting is a legal way to transfer ownership of a property from one person to another without any exchange of money. In this article, we will discuss everything you need to know about property gifting in Dubai.
What is Property Gifting?
Property gifting is a legal transfer of property ownership without any exchange of money. This is a popular option for parents who want to gift a property to their children, or for spouses who want to gift a property to their partners. Property gifting can also be used as a way to transfer property ownership to family members or friends.
Who can gift a property in Dubai?
In Dubai, anyone who is the legal owner of a property can gift it to another person. This includes both individuals and companies. The legal owner of the property must be the title deed holder and be able to transfer ownership of the property.
What are the requirements for property gifting in Dubai?
To gift a property in Dubai, certain requirements must be met. These requirements include:
- The property must be located in Dubai.
- The gift must be made voluntarily and without any conditions.
- The recipient is required to accept the gift.
- The gift must be registered with the Dubai Land Department (DLD).
- The recipient must pay any applicable fees associated with the transfer of ownership.
In the instance of gifting a property to a family member or spouse, you may be asked to provide attested certificates of birth or marriage.
What are the benefits of property gifting in Dubai?
There are several benefits to property gifting in Dubai. These benefits include:
- No exchange of money: Property gifting allows for the transfer of ownership without any exchange of money, which can be a more affordable option for some.
- Tax benefits: There are no taxes on property gifting in Dubai, which can be a significant benefit.
- Avoiding inheritance disputes: Property gifting can be a way to avoid inheritance disputes, as the property is transferred during the lifetime of the owner.
- Maintaining family ties: Property gifting can be a way to maintain family ties by passing down family property to future generations.
How to Gift a Property in Dubai?
To gift a property in Dubai, follow these steps:
- Contact a lawyer: It is recommended to contact a lawyer who specializes in property gifting in Dubai to ensure the process is completed correctly.
- Obtain necessary documents: The legal owner of the property will need to obtain the necessary documents, including the title deed and a no-objection certificate (NOC) from the developer.
- Register the gift: The gift must be registered with the Dubai Land Department (DLD) and any applicable fees must be paid.
- Transfer of ownership: Once the gift is registered, ownership of the property can be transferred to the recipient.
Property gifting can be a useful tool when transferring ownership of a property in Dubai. It is important to follow the necessary steps and requirements to ensure the process is completed legally and correctly. If you are considering property gifting, it is recommended to consult with a lawyer who specializes in property gifting in Dubai.
Capital Zone Mortgage Broker can also assist with the mortgage aspect of buying a property in Dubai, helping you find the best mortgage deal within minutes.
