The Complete Process of
Property Gifting or
Property Transfer Trustees
in Dubai
INTRODUCTION
A gift of property is a trendy concept in the
Emirate of Dubai given the clear known
advantage of the exemption from the usual
4% transfer fee that is payable on all the
possessions transfers. At the land department,
and transfer that is made between the firstdegree relatives can be treated as a gift
transfer for the payment of the transfer fee.
The company must know what can be
classified as a gift transfer of property.
WHAT IS THE PROCEDURE OF GIFTING?
The procedure of gifting a property here in Dubai is as follows:
By making a payment of AED 4,020, the owner is needed to get an assessment
report on the price of the property from the land department. From the developer
of the property, the owner should get a No Objection Certificate (NOC). In their
respective home country, the owner and the donee are needed to generate their
first-degree relationship through an official document made. For example, a birth
certificate will be needed to be shown as evidence of this relationship, if the owner
is the father/mother of the donee. In the home country, any such document must
be legalized and notarized. The document is also necessary to be translated into
Arabic and stamped by the Ministry of Justice.
WHAT IS THE CHARGE FOR A GIFT TRANSFER OF PROPERTY?
In the Emirate of Dubai, the charge of a gift transfer of property is as follows:
AED 2000 is the lowest gift transfer fee payable to the land department. However, if the
value of the property is above AED 500,000, based on the assessment certificate released
by the land department-the transfer fee payable to the land department shall be 0.125% of
the overall value of the property.
For the name title action, AED 580 should be paid.
Depending upon the assessment of the property, a fee of AED 2,000 or AED 4,000 is
chargeable to the trustee offices.
At the trustee office, once the above documents and the charge have been paid, the
trustee office would perform the transfer of the property which would result in the
issuance of a new title deed in the name of the donee. The donee will become the official
owner, once the new title deed has been generated.
Conclusion:
Above article will provide details for the
complete procedure of property gifting or
property transfer trustees in UAE. Detailed
procedure of gifting properties and charges
applicable to that is mentioned in the above
article.
Source
CONTACT US
Tawtheeq Property Registration Trustees
Address: The Metropolis Tower - Business Bay –
Dubai, UAE
Phone: +971 43308888
Website: https://tawtheeqdxb.com/
Email: info@tawtheeqdxb.com