Q. How long has your company been going for?
A. 3 YEARS. This is our 3rd project after Prime Business Centre & Prime residencies which are completely sold out & construction works are going on.
Q. Do you own the land?
A. The freehold land in Dubai is owned by a Master Developer, in this case Limitless. We have been given consent to build on the land. Upon completion of the development to the standards set by Limitless we will receive title deed of the land. This is standard practice in Dubai.
Q. Will I own this freehold?
A. Yes, you will receive Title Deeds giving you full ownership upon completion of your payments, which will be in line with completion of the project. (Terms are outlined in SPA)
Q. Do you guarantee completion by a certain date?
A. We guarantee completion based upon the strict project management plan we are adhering to. There may be factors outside our control which may affect completion.
Q. What is the length of warranty on the building?
A. When the Contractor is appointed, all cases of defect will typically be covered in the contract between Developer and Contractor during the construction period. Post the completion of the development, the Contractor will be responsible for all ‘normal’ defects known as snagging items during the defect liability period. Typically this period is for one year and a Project Manager or Quantity Surveyor will be appointed by the Contractor to close off all these normal defects. Once this defect liability period passes, then the responsibility to cure all defects rests with the purchaser. We will then appoint or recommend a third party such as facilities Management Company to deal with these at favourable rates.
Q. Can you help find a buyer If I had to back out?
A. We have a number of relationships with Estate Agents who we can introduce you to. There is a very healthy secondary sales market in Dubai, so finding a buyer should not be a problem.
Q. What rental yield can I expect in Dubai?
A. Based on past and current trends, about 8-10%.
Q. Do I need to appoint a solicitor to purchase?
A. If you wish to have a solicitor look through the paperwork that is fine, although this is not mandatory for completing a property transaction.
Q. Can I have the property in more than one name?
A. The property can be owned by more than one individual, there are no restrictions against joint ownership of property.
Q. Is it possible to get a mortgage on off plan development?
A. Yes, it is. There are number of leading financial institutions that offer this service, both local UAE based as well as international financing firms. Increasingly there are more and more global companies coming into the buoyant market.
Q. Are there any tax implications for me being a foreign investor such as Capital Gains Tax and Inheritance Tax?
A. There are no income taxes imposed in Dubai or the UAE on revenues generated from income producing properties/ investments in the UAE. In addition, there are no capital gains taxes on income realized from the sale of property, nor are there any inheritance taxes as of now. Please note however, that each investor must enquire in their home jurisdiction with respect to any applicable income and inheritance taxes which may be imposed on property owned abroad.
Q. Who’s responsible for the maintenance of the building?
A. As a developer we are tieing up with same facilities management companies who will be appointed for this. We feel service charges applicable here would be about AED 8-10 per sq.ft. The service charge will cover items such as, but not limited to;
(i) Cleaning of all areas outside the units
(ii) Security of common areas of building
(iii) Provision of maintenance of fire detection and alarm equipment to building
(iv) Outside maintenance of the building
(v) Maintenance of mechanical and electrical Equipment outside the units
Q. Can a property be registered under an offshore company? What are the required company documents needed fro submission?
A. Under the Land Registration Department Rules in Dubai, property may be registered in the name of a corporate entity, including offshore companies. The documents required for submission are as follows;
Original set of following documents notarized by UAE embassy:
Memorandum of Association
Certificate of Incorporation
Recently dated Board Resolution for purchase of the property
Power of Attorney from the company passport of the authorized person
List of share holders and share certificates.
Please note however, that if a Jebel Ali Offshore Company is used to purchase property, the above mentioned documents do not need to be notarized and legalized by the UAE Embassy.
Q. What happens if an installment is paid after the due date?
A. 14 days notice period is given to clear outstanding dues after which 1% penalty per month is applicable from the due date.
Q. Is covered parking provided?
A. Yes, covered parking spots are provided free of charge upon purchase of units.
Q. Are there any penalties for delay from both parties?
Yes there are penalties in case the buyer delays payments. There are also penalties on the developer if the completion date is delayed. These penalties are covered in detail in the Sale and Purchase Agreement.
Q. When can the purchased unit be sold on?
A. The unit can be sold at any time.
Q. If the unit is sold on by the client, is there any transfer fee?
A. The Sales and Purchase Agreement may be transferred after obtaining written approval from the seller, and is subject to an administrative fee of Dhs. 5000/= & transfer fee issues are under discussion with Land Department.
Q. When will the sales agreement be given to the Buyer?
A. The Sales and Purchase Agreement will be signed after making at least 2 payments & once the final design NOC is received from Master Developer.
Q. Who are the contractors?
A. A selection of world class contractors have been short listed and we are currently in the process of selecting one.
Q. The Payments are not linked to construction stages, why is this?
A. Construction stages follow non-standard intervals which vary greatly. It is common practice and much easier to make payment as scheduled instead of having a variable and confusing schedule.
Q. Who is point of contact for negotiations of price for bulk buyers?
A. All wholesale deals have to go through our GM, provide offer and channel manager will either confirm or provide counter offer.
Q. Are the price quoted for gross or net area – (and if it is gross can you let me know the % of waste area)
A. As per the inventory list you can find the breakdown. The prices are based on the gross area, includes services and it’s approximately 16.18 %
Q. Finance- Is there finance available for this project
A. Finance is under process. There is no financing available at this time.
Q. Do we get proof of land purchase?
A. Yes, if required.
Q. What are the unique selling points?
A.)Location: OPPOSITE JAFZA LOB 14-17 (ON MAIN SHEIKH ZAYED ROAD).
Next to LOB 18/19 AND LIMITLESS COMMERCIAL BLDG.
1 MINUTE WALK TO METRO TRAIN STATION
JAFZA LICENSE: CAN BE USED (FREEHOLD & FREE ZONE)