What is Form F or MOU (memorandum of understanding) how to sign digital Form F while selling property in dubai 2023. Information presented by Lonewolf Real Estate, Dubai 2023. Top Dubai Brokers

Detailed information on Form F updated till 2023, how to sign by the landlord and the tenant in dubai. presented by lonewolf real estate, Top dubai brokers

4/3/20234 min read

Dubai Land Department has successfully transitioned all processes to a paperless format, delivering on their commitment to simplify and streamline procedures. Regardless of your location, you can now conveniently sell or buy properties using just your phone. Whether it involves off-plan or secondary transactions, this blog provides comprehensive insights on Form F (MOU), a Memorandum of Understanding that outlines the terms agreed upon by the buyer and seller for the successful completion of the transaction.

Signing a Digital Contract F for Property Sales: A Guide for Dubai Property Sellers and Buyers. Updated for 2023, this comprehensive information is presented by Lone Wolf Real Estate Brokers, Dubai's Top Brokers.

Step 1 : To Prepare Form F

A Dubai Registered Broker is responsible for preparing an online Form F (MOU) through their designated broker portal provided by the Dubai Land Department. This document will include comprehensive details such as property information, owner particulars, buyer information, buyer's share, tenancy status (if applicable), financial information (in case of a mortgage), transferable payment plan (if provided by the Dubai Property Developer), contract terms for payment arrangements, broker's commission (on the buyer or seller side), and any additional terms and conditions deemed necessary.

Step 2 : The Responsibility of Buyer

Upon submission of the Memorandum of Understanding (MOU) by the Dubai Registered Broker, the buyer will be promptly notified via mobile message and email. The notification will provide essential details and serve as confirmation of the successful submission of the MOU. This ensures that the buyer remains informed and updated throughout the process of their property transaction in Dubai.

Note: Form F will be stage where a Dubai registered broker already signed Form A (with Seller) and Form B (with Buyer)

The Buyer will click on the given email or the link received by mobile message (both are same) and will generate a OPT Code which the buyer will receive at registered mobile number already mentioned in Form F (MOU).

Upon receiving the OTP (One-Time Password) via email or mobile, the buyer will proceed to input the OTP on the designated link. Subsequently, the buyer will be presented with a comprehensive Form F containing the final terms and conditions. After carefully reviewing all the clauses, the buyer may proceed to accept the Form F. By doing so, the buyer becomes legally committed to the purchase of the specified property.

Step 3 : The Responsibility of Seller

Once the buyer has completed the online contract signing process using mobile/email OTP, the seller will undergo a similar procedure. The seller will receive a link via email and mobile (both of which are the same) for convenient access. An example of the link received through email is provided below:

Upon clicking the provided link, the seller will receive an OTP code on both their mobile and email. After entering the code, the final copy of the Form F (MOU), which has already been signed by the buyer, will be displayed to the seller. The seller will then carefully review the contract and proceed to accept it, following the examples provided in the Buyer Responsibility Section.

Step 4 : The Final Step

Once both the buyer and seller have signed the official contract, it will be marked as approved on the Dubai registered broker portal. A final digital copy of the Form F will be generated, serving as the official and legally binding commitment between the buyer and seller. In the event that either party attempts to withdraw from their commitment, a penalty will be imposed as per the mutually agreed-upon terms outlined in the signed Form F. This ensures that both parties uphold their obligations and responsibilities in the transaction.

Note: Reach Lone Wolf Real Estate today if you have any kind of property inquiry in United Arab Emirates or you have any question on Form F further, details are mentioned below.