Gifting Property to a Relative

building-metal-house-architecture-101808-1024x683

Mazhar owns a Two Bedroom apartment in Dubai Marina and wants to Gift the apartment to his Son and Daughter. Mazhar is not sure what is the process of Gifting and the related Fees for Gifting of the Apartment. Well, Mazhar is not alone in not knowing the process.

Eligibility for Gifting Property in UAE

  • Gifting can only be done to First Degree of Relatives. I.e. Children or Parents / Husband / Wife. You cannot Gift a Property between Brother / Sister / Cousins / Uncle ect.
  • A Gifted Property cannot be Gifted again. I.e. only one Gift is allowed for a Property. Next would be considered as a Sale.
  • The Person giving the Gift should be of a minimum age. The person receiving the Gift can be a minor.
  • Proof of relation is required. A UAE Attested Birth Certificate for Parents / Children or a Marriage Certificate for Husband / Wife.
  • Both the individual giving the Gift and Individual receiving the Gift must be present unless a Power of Attorney is held by either or a Third Party clearly mentioning the Ability to Gift and Receive / Accept a Gift.

 

Process of Gifting Real Estate in Dubai

  • Evaluation of Property is required. This can be done from any Trustee Office in Dubai or online if Registered. An up to date Affection Plan for the Property is required and a fee of 370 Dirhams is required for the Evaluation.
    • Evaluation Report will be emailed and put in the system. A physical report will not be generated.
  • No Objection Certificate from the Developer is Required. Please check NOC Requirements from the Developer, they sometimes requires an NOC from the Owner Association Company to ensure Service Charges are up to date.
  • Prepare a Manager Cheque in name of Land Department or have cash for 0.125% of the Evaluation Amount. i.e. Evaluation Amount is 2,000,000 than the Gift amount is 2500 Dirhams Plus 540 (Fixed Fee for Title Deed). Minimum fee to Land Department is 2,000, so if Evaluation is 1,000,000, the Land Dept Fee will be 2,000 (Not 1,250 as per the .125%)
  • Trustee Fee in Cash for either 2,100 or 4,200 depending on the Evaluation of the Property.
  • All parties be available at Trustee Office for the Gift / Transfer process and sign the necessary documents.
  • Title Deed issued in the name of the new Owner. It would include a line in bottom saying it was Gifted from the Individual who Gifted it.

Leave a Reply

Your email address will not be published.

× How can I help you?