The emirate of Sharjah, which is considered as the most culturally diverse among the emirates of the UAE, is a combination of the relatively cheap and luxurious property propositions. As a UAE citizen or an expatriate interested in owning permanent property rights, there is a need to know the legislation and the documents needed. This is a very step by step guide on the contracts and documentation on purchasing a property in Sharjah.
Legal Procedure to Buy a Property in Sharjah
Similar to the other emirates, Sharjah has a properly organized legal procedure through which every deal with real estate is worthwhile and legitimate. Any transaction involving property should be made registered to Sharjah Real Estate Registration Department (SRERD), it should be registered in order to be legally bound.
Contractual Requirements
One of the initial legal processes in a property transaction takes place between the seller and the buyer and is termed a property agreement. The contract is to consist of:
- Agreed price of purchase and a definite schedule of payment.
- Term of lease where usufruct rights are used (usually to a period of 100 years with expats).
- Transfer of title procedures on the part of the seller.
- Code of termination and conditions on what basis the agreement can be canceled.
This contract should be registered with the SRERD so as to culminate the ownership or usufruct of the property.
Documents Required for Buying a Property in Sharjah
The following documents are required in order to get a smooth transaction:
For Individuals:
- Emirates ID
- Legal passport/residence visa in the UAE (expat person)
- the developer eNOC (Electronic No Objection Certificate)
- Power of Attorney (in the event of being an agent between the seller or buyer)
- Agreement of Sales and Purchases
- The property is Title deed.
For Projects or Companies:
- Legit building permit (issued by Sharjah Municipality, but not more than 3 months)
- Completion certificate (Municipality, or RTA)
- Name approval certificate (of the building name or complex or structures)
- Memorandum of Association and Commercial licence of the company
- Full unit scheduling of the project (hard and softcopy)
- Bank guarantee prepared in the format of SRERD
- Buyer list (of all units)
- Recognition of filed electrical plans to SEWA
FAQs about Buying Property in Sharjah
Can foreigners buy property in Sharjah?
Well, yes, foreigners even have the possibility to gain the status of usufruct up to 100 years of such zones, possible to get the permission to do so in a special zone in government. UAE and GCC nationals are not restricted to full ownership. Expat buyers have to submit their usufruct right with the SRERD and gain the approval of the Ruler of Sharjah.
Can I get a visa by buying property in Sharjah?
When you invest AED 1 million or above, you will be eligible to request the six months multi-entry type of residence visa that can be renewed after every three years. Property investors are normally awarded this visa in a bid to promote the development of real estates in Sharjah.
Final Thoughts
The real estate market of Sharjah is also a good and projected way of establishing a long period in residence and investment. The process on conditions of compliance however requires buyers to adhere to the local regulations and present all the required documents in order to make the process valid. Purchasing a property can be simplified by hiring a licensed real estate agent to find the property of your liking and consulting with legal advisors approved by SRERD.
Whether you are visiting the expatriate-friendly zones such as Al Taawun, Al Majaz, or Al Nahda or you are going to invest in off plan projects, make sure that your documents are in shape.
Keep up to date with property regulation throughout the UAE, and if you are prospectively intending to invest elsewhere across the Emirates, make certain to consult our property guides to buying in Dubai and the freehold zones in Abu Dhabi to foreigners.
