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FAQ’S
Contracts
What Kind of Title Deed is Issued by Prestige One?
When you buy a property from Prestige One, you will get a freehold title deed. This means you own your property completely, with no expiration on your rights, as allowed by Dubai’s laws for non-UAE citizens.
What Do the Maintenance and Service Fees Cover?
These fees are for maintaining and cleaning the common areas of the property and ensuring a pleasant living environment for all residents. The annual costs for upkeep are calculated and approved by RERA. The budget for these charges must receive RERA approval before collection from end-users. All service fee details are outlined in the Sales Purchase Agreement (SPA).
Is Changing Joint Ownership Possible in the Sale and Purchase Agreement?
Yes, it’s possible to add or remove someone from your sale and purchase agreement according to current laws. To do this, all parties involved should contact [email protected] for the necessary paperwork. There may be fees payable to the Dubai Land Department for these changes.
What Should I Do if I Lose My Sale Purchase Agreement (SPA)?
If your SPA is lost, contact Prestige One’s’ Customer Relations Management Department for guidance. You may be asked to provide an indemnity letter describing how the SPA was lost and agreeing to return it if found. Upon verifying your request and receiving an administrative fee of AED XXX, Prestige One will issue a new original copy of the SPA.
How Long to Receive an SPA from Prestige One After Purchase?
For Prestige One, the Sale Purchase Agreement (SPA) is issued after a 20% + DLD and Admin Fees payment is made. The Compliance department reviews the submitted details from the booking before issuing the SPA.
Property, Registration, and Resale
What is a Snagging Inspection?
A snagging inspection involves visiting the property to ensure it matches SPA specifications after receiving a completion notice.
Can I Modify My Property or Unit?
External changes are prohibited until construction completion. Post-handover, minor internal modifications are allowed with approval from Prestige One and relevant authorities, subject to administrative fees.
Can I Rent Out My Property After Handover?
Yes, once the handover is complete and the title deed is in your name, you may rent out the property.
Where is Prestige One’s office located?
We are located at 1602-1604 offices, 16th floor, Marina Plaza, Dubai, UAE.
Will My Unit Match the Sales Office Show Unit?
Show units are examples. Your unit will be as per SPA specifications, with some variations permitted by law.
What is the Unit Possession Process?
Near project completion, Prestige One notifies buyers of the handover date, requiring payment completion and unit inspection. Defects identified are addressed within the defect liability period.
What Do Owners Receive at Handover?
Owners receive keys, important contact numbers, parking remote, building access, car security sticker, and an owner’s manual.
Which Properties Are Eligible for Registration at DLD?
All new purchases, transfers, or amendments of real estate properties must be recorded with the Dubai Land Department (DLD).
Do I Need to be a UAE Resident to Own Property?
No, non-residents can own property in designated freehold areas in Dubai, with additional documentation as required by law.
What Documents Are Needed for Oqood Registration?
The CRM department assists with the required documents, which vary based on the project and the purchaser’s status (resident, non-resident, company, etc.).
Can I Register My Property Later?
All units must be registered within 60 days from the sale date to avoid DLD penalties.
How Will I Know When My Registration Is Complete?
Prestige One will contact you once your unit’s sale is registered with DLD, and you can collect the registration documents.
What Are the Registration Fees and How Are They Paid?
The fee is 4% of the purchase price plus administrative fees, payable directly to DLD or through Prestige One.
Are There Extra Fees Payable to Prestige One?
Currently, there are no extra fees charged by Prestige One for registration.
Who Receives the Registration Fees?
Fees are paid to the Dubai Land Department.
What Is the Resale Process?
The process involves obtaining a No Objection Certificate (NOC) from Prestige One and complying with their payment and transfer policies. Resales are subject to DLD’s changing processes.
Payments
What is the Payment Policy for the Project?
Payments should be made according to the schedule in the SPA. Delays or non-payments can lead to penalties as per the SPA and Dubai property laws.
What is the Payment Plan for the Project?
Prestige One’s payment plan is as follows:
- 1) 20% at the time of booking
- 2) 5% 90 days after the reservation date
- 3) 5% 180 days after the reservation date
- 4) 5% 270 days after the reservation date
- 5) 10% 360 days after the reservation date
- 6) 5% 450 days after the reservation date
- 7) 5% 540 days after the reservation date
- 8) 5% 630 days after the reservation date
- 9) 5% 720 days after the reservation date
- 10) 35% upon handover
What Happens if a Purchaser Defaults on Payment?
Prestige One gives a 30-day notice for any defaulted payments. Failure to comply may result in legal actions as per applicable laws.
Others
How to Update Communication Details with Prestige One?
Email the CRM Department or visit the sales office for any updates.
Can I Secure a Home Loan and Register a Mortgage?
Yes, with a bank licensed by the UAE Central Bank.
Is VAT Applicable on My Property?
New properties are VAT exempt within three years of construction.
Can I Purchase a Property in the Name of a Free Zone Company?
Possible, following DLD and free zone authority guidelines.
What's the Difference Between Principal and Joint Owners in a Sale Agreement?
Both have equal rights unless a different share is declared.