In most instances, the transaction process goes as follows:
The buyer chooses the property.
Buyer and seller sign the sales and purchase agreement, where all the terms and conditions of the deal are mentioned: the purchase price, additional expenses (agency fee, transfer fee at the DLD, developer's fee, service charge refund, etc.), the transfer date of the deal at the DLD, terms of payment and clearly-defined responsibilities and penalties for both parties in case they fail to uphold the conditions set out in the agreement.
On signing the agreement, the buyer pays the deposit, which is usually 10% of the purchase price.
The seller applies for a no-objection certificate (NOC) from the developer in order to sell the property. The NOC is required for the transfer process at the DLD.
Once the NOC is ready, the buyer and seller can transfer the property and register it in the buyer's name. Usually, payments need to be made at the time of registration.
If buying a property directly from the developer, the SPA is signed. The Sales Purchase Agreement, or SPA, is an important document you sign with the developer that has all the agreed terms and conditions about the sale transaction.