Among the many legal issues posing the matter of greatest interest to potential Dubai property buyers, the question of transferring their property to their heirs is one the most acute.
Dubai authorities have actually adopted a strategy of maximum transparency and simplicity regarding all real estate transactions in Dubai, thus meeting property buyers’ expectations in all aspects, including property probate and will registration.
Last year DLD initiated the establishment of a special wills and probate body for expatriates. And such body was created in DIFC free zone (DIFC Wills & Probate Registry (WPR) as a result of cooperation between DLD and DIFC authorities. It was created on the basis of DIFC Dispute Resolution Authority. A memorandum of cooperation was signed last year, but special new powers to simplify the procedure for ordinary people were given to WPR this year, after a new agreement was signed between DLD and WPR.
The new agreement will also give WPR an access to the DLD real estate owners databases necessary to compete verification procedure. But now the WPR and DLD will be able to not only share information: DLD allowed WPR to place a block on properties subject to a probate order. This is to prevent them being transferred to people not named as beneficiaries in the DIFC will. However, this block will be optional and chargeable service.
As for the transfer fee, its percentage is calculated based on the current property value, and for Sharia-compliant wills it is set at the rate of 0.125 per cent of the property cost. And there is also a nominal cost for placing and subsequently removing the abovementioned block on the property unit.
“To ensure transparency and investor’s trust in the sector, as well as the current momentum, people need to be confident that their Dubai-based assets can be transferred according to their wishes upon their death,” Sultan Butti Bin Mejren, Director-General of Dubai Land Department, said in a statement.
The new agreement reached between the DLD and WPR also contains clear and precise instructions on the procedures for handover of the inherited property situated in Dubai to heirs. It is expected that these recommendations will form the basis for the further improvement of the legislation in this field.
However, in case such legal issues still seem too complex to you for self-resolving them, it is easier and safer to address the professionals. IMEX Real Estate experts will provide you with a full legal support for any real estate transaction in Dubai and will answer any of your questions, including those related to inheritance of your property. Entrust your decision to professionals!