Hi All,
I am getting some weird answers from whomever I am trying to contact to understand the process for getting the new title issued under my name.
It is for a property I bought in Dubai about 2 years back for which I had paid 2% Transfer Fee to Land Department back then and in return Land Department had issued a title deed under Mine and Mortgage Company's name.
Now that i have settled the outstanding of mortgage company, and they have issued me an NOC, i am supposed to get a new title deed issued solely under my name.
When I spoke with Land Department, they say that such a transaction is considered as a "Transfer" of ownership and therefore I will be subject to a 4% transfer fee as per the current regime.
It doesnt make any sense whatsoever.
Can somebody who has gone through similar process before or knows the law around it advise on it?
I had specifically asked the land department at the time of original transfer whether i will be subject to another transfer fee of 2% when i have settled the finance and they had specifically said NO this will be treated as a reissuance of title deed and would require a nominal administration fee of a couple of thousand dirhams (dont remember the exact amount but it was not more than AED 2000).
Any advise/help would be appreciated.
I am getting some weird answers from whomever I am trying to contact to understand the process for getting the new title issued under my name.
It is for a property I bought in Dubai about 2 years back for which I had paid 2% Transfer Fee to Land Department back then and in return Land Department had issued a title deed under Mine and Mortgage Company's name.
Now that i have settled the outstanding of mortgage company, and they have issued me an NOC, i am supposed to get a new title deed issued solely under my name.
When I spoke with Land Department, they say that such a transaction is considered as a "Transfer" of ownership and therefore I will be subject to a 4% transfer fee as per the current regime.
It doesnt make any sense whatsoever.
Can somebody who has gone through similar process before or knows the law around it advise on it?
I had specifically asked the land department at the time of original transfer whether i will be subject to another transfer fee of 2% when i have settled the finance and they had specifically said NO this will be treated as a reissuance of title deed and would require a nominal administration fee of a couple of thousand dirhams (dont remember the exact amount but it was not more than AED 2000).
Any advise/help would be appreciated.