Purchasing a property is often one of the most significant decisions we make in our lifetime. Beyond the purchase price, there are various costs and fees associated on buying process. We, at Q Properties, understand that these expenses are crucial for budgeting effectively and making informed decisions throughout the home purchasing process, therefore we have outlined these costs and fees below;

Master Developer’s Transfer Fee:

when a property is within a master-planned community or large-scale development project, the Master Developer charge a transfer fee which is usually a % of the original sale price or a flat fee to cover administrative costs associated with the transfer of ownership.

Homeowner’s Association Fees:

If the property is part of a homeowner’s association, buyers is required to pay this fee to cover maintenance of common areas and amenities, this is calculated in pro rata starting from the date of the transfer to the end of the year. If it has already been paid by the seller, the buyer shall reimburse the seller the aggregate amount of the HOA fee.

Homeowner’s Service Charge Security Deposit:

In addition to the Association Fee, the Buyer maybe required to pay a deposit and will serve as a security against any unpaid bills related to the services provided within the residential community or complex.

Q-Properties Brokerage Commission:

purchasing a property involves numerous complex steps and paperwork, with the support of a real estate company, like Q – Properties, ensures a smooth and successful purchase process. Brokerage fee is typically 2% of the purchase price.

Ras Al Khaimah Land Department Transfer fee:

it is a fee levied by Ras Al Khaimah Municipality when transferring ownership of the property. They are charging 4% of the Purchase price which is normally split between the Seller and the Buyer or depends on the terms and conditions outlined in the Sale/Purchase Agreement.

Administrative Fee:

Stamp Fee, Title Deed Issuance Fee payable in Ras Al Khaimah authority and fee for issuance of Manager's cheque

Miscellaneous Fees:

these typically involve moving costs, utility deposits and any immediate repairs and upgrades needed for the property.

Additional Fees when buying property through mortgage

Property Valuation Fee:

it is a fee imposed by the bank or lender to assess the value of the property being used as collateral for the loan. This will ensure that the property value is sufficient to cover the loan amount in case of default.

Mortgage Registration Fee:

A mortgage registration fee is charged by state and territory governments, and it cover the costs to register the security for a home loan. It officially registers the physical property as the security on your home loan.

Loan Processing Fee:

a fee charged by the lender for processing mortgage application.