I am in the final stage of my purchase right now, and I am glad that this site giving me so much contribution.
Well, but now there is thing that i regret. It is about my property price. It is just few couple of dirham less than 1M, mean to say that I feel pity I can not get the property visa. While the valuation result is actually higher than 1M.
Does u have any idea n way out regarding this point??
I am glad things are working out smoothly for you and that this site has been useful to you. Thank you for your appreciation.
I am not sure about your nationality because if you are a passport holder for a country which does not require applying for visa and visa is issued at the airport then honestly speaking there is no need to apply for the residency. Residency will only be issued for six months and you would need to pay the fees every six months to renew it, not to mention you would have to visit Dubai in case if you are living abroad.
You still might have one option, which is that on paper you show your property over 1 million AED. Simply talk to the seller, explain your situation and let them know that you want the property price to be shown as over 1 million. If you can come to terms with the seller, then you still pay less than 1 million under mutual understanding, however on paper your agent will show that you have purchased the property for more than a million. The final receipt will be submitted to the mortgage company thus declaring your official property price as over a million. Do keep in mind that your land registration fee will be bumped up a little as it is 1% of the property value. I know that a few people have used this technique in the past without any hassle.
Unfortunately, I am from a country that definitely needs a visa every time I visit UAE.
Actually i have tried to convince the seller to put higher price (a bit more than 1M) in the MOU, but they rejected because they do not want to take a risk if land department caught it.
Well, is there any other paper except MOU that I can use as a receipt of my final purchase that I can show land department to obtain the visa? And what do you mean by final receipt? Is all the paper must be based on MOU?
Is there any other way do have in mind Zeeshan?
I just can not imagine I spent a lot for property in the country that I can not visit.
I understand your dilemma but unfortunately the only way to go about it is to convince your seller to increase the price of the property as what goes on MOU will result in generating the final receipt of the property and all paper work for your finance provider.
I am not sure why your seller has an issue with it. They will simply be selling you the property for over a million as evaluated by the bank. What you pay them in the end is a separate issue and if you think about it, legally you are required to pay them the amount on the paper i.e. over 1 million so there is nothing illegal about it. Its just a matter of mutual understanding and nothing more.
Its just like I'll pay you nine hundred thousand now and one hundred thousand in a months time. There are so many ways you can put this situation. If your seller is not helpful then I am sorry, I don't think there is any other way to go about it.
(3 Answers)
