The SPA, an agreement between buyer and seller, is commonly utilized across various business transactions, particularly within the real estate sector. It serves to finalize the terms and conditions of property purchase.
When purchasing an off-plan property in Dubai, it’s mandatory to sign an SPA with the developer in two copies, one of which remains in your possession after both parties have signed. You can also opt to sign the contract electronically.
This contract comprehensively outlines all terms and conditions associated with the property, therefore, read it carefully. Developers may present renders showcasing furnished properties and amenities, but it’s essential to understand that the actual property delivered will adhere strictly to the specifications outlined in your SPA.
This contract is then registered with RERA, and an Oqood certificate is issued as evidence of registration.
Check out our article to learn more about Oqood.