Thursday, October 19, 2006

Careful to appoint an estate agent

Dubai’s booming real estate business definitely has a certain glamour value with the way projects are marketed, but it is also a diversion from the fact that buying property is essentially a serious matter that needs careful consideration. Before you employ an agent, it is important to do a little research. Get to know who has skilled in-house staff in the area you require professional services for. Which agent is the most active in the type of property you are looking for?

A number of precautions can be taken with practically no hassle. For example, visit Dubai Property Group’s website, which lists real estate company members who adhere to the group’s code of ethics. When dealing with a bro ker, ask for the power of attorney from the owner. Ask for a list of properties being managed or leased by the agency - this will demonstrate their strength and experience.

To check the company's legitimacy, you could also ask for a copy of their trade licence and insist on receiving an official offer. Always get everything in writing. Before making your payment, always check the real estate agent’s liability. If it is only to lease the property, never hand rent cheques over unless the company is man aging the property too. These cheques should only go to the landlord's office. Those buying property should also consult the original sales and purchase agreement, and proof of ownership from the master developer.

Owning and renting property in the UAE is for the vast majority a fulfilling experience, not the beginning of the end. Planning and research could provide peace of mind and the opportunity to take advantage of a blossoming sector, and will be the best deterrent to real estate fraudsters.

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