FAQ
FAQ
Frequently Asked Questions
What the first step of the home buying process?
getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender get the ball rolling in the right direction.
Should I order a home inspection?
Yes! Home inspections are required if you plan on financing your home for that inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime.
How long does it take to buy a home?
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions). Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that
What kind of credit score do I need to buy a home?
very banking customer in the UAE is well-acquainted with the concept of the credit score — it’s that three-digit score assigned to an individual that plays an important role in deciding one’s eligibility for a loan or credit card at the bank.
The Al Etihad Credit Bureau (AECB) provides the credit report, which includes the credit score of an individual. It collects financial information of an individual from various sources and generates a report by analysing the details
What seller's warranties are provided under statute in the sale of real estate in uae
The law provides that a developer selling property is liable, for 10 years from the date the completion certificate for the property is issued by the relevant authority, to repair any structural defects of which it is notified.
In respect of defective installations in a newly constructed property, the law provides that a developer is liable to repair or replace such items for a period of one year from the date the completion certificate is issued. Installations includes mechanical and electrical works, sanitary and plumbing installations and similar items.
What Should I Expect at Closing?
At closing, the seller will sign documents that transfer the property ownership to you. You will receive documents pertaining to your mortgage agreement and property ownership. You’ll also have to pay closing costs and make escrow payments. … A bill of sales, which transfers personal property from seller to buyer.
What Is Pre-approval?
A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. … Sellers frequently require a prequalification or preapproval letter before accepting your offer on a house.
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