أسئلة وأجوبة
Broker's commission which should be paid while buying an apartment in Dubai
Hi,
I am going to buy an apartment in Dubai.
If I am going directly from the seller's broker, shall we both (seller and buyer) pay 2% each to this broker? And also it asks for a convenience fee of 5000 Dhs, what is it?
Thanks
Primarily the broker, agent or developer must have a valid accreditation and license with the Real Estate Regulatory Agency (RERA).
Then you must check if the owner has any outstanding mortgages, whether he lives in the country or abroad, and if he has clear title deed (you must check the original). Check if there is an existing tenant and parking space, if it is reserved and/or very far from the building.
Under Bylaw No. (85) of 2006, commissions & fees to real estate brokers is only to be paid after the contract/MoU is signed. Most brokers charge between 1 or 2% of property value as their fee and this has to be decided in advance who will bear the cost and what is the percentage shared or payable. Be prepared to negotiate and if not satisfied, deal with another registered broker.
The brokerage commission amount must be agreed and stated in the agreement otherwise it will be as per the market practice.
