Are you planning on selling your property in Dubai for the first time? This article will erase your worries by explaining all the steps to do before and during the official process. A smooth completion of your property selling is guaranteed after going through this guide.
Whether it is your apartment or investment property in Dubai that you are ready to put on the market, particular steps have to be followed to sell a property in the city.
Prior to starting the process of property sale in Dubai, you will experience the most confusion, particularly for beginners. Many people are unaware of where to begin. So, let's go over the stuff needed to be done before selling.
While enlisting an agent to market and manage your home or sell it, guarantee that they are registered with the Real Estate Regulatory Agency in Dubai. The RERA-approved agents follow the real estate business ethics as enlisted by the Dubai Land Department.
This primarily means that the agents are reliable, transparent, and professional. But how can you identify a RERA-approved agent? Simply request to see their RERA card. From the hundreds of RERA-approved real estate agents, which will be suitable for your case? Consider these aspects:
The agent will help you set a realistic price, guide you through the procedure, and define a detailed marketing strategy.
After picking your agent, sign an agreement with them. For this purpose, a RERA form is required known as Form A in order to formally mandate the brokering and marketing of your property. The form consists of agent commission, property details, payment schedule, service charges, listing details, and mortgage status.
After Form A is signed up, it'll be submitted to the DLD's Trakheesi system to gain approval. And after it's approved, you'll be issued a permit number to continue with the advertisement.
It's impossible to sell your property if no one knows about it. Usually, your agent will post your property online to gain potential buyers. They will publish it on online listing portals like Bayut or advertise on social media, local newspapers, and similar platforms.
A prominent element of marketing is the presentation or how the public views it. This is where property staging comes into effect. Your property should appear aesthetic in pictures, videos, and 3D images employed in advertisements. Moreover, potential buyers will visit your property, and the first impression matters. Follow the below tips to ensure that your property looks attractive to potential buyers:
After you have a buyer willing to buy your property, do the following:
This form is also known as the Memorandum of Understanding (MOU). Form F is a sale contract between the seller and buyer of the property. It consists of all the terms and conditions agreed upon by the two parties, such as property details, cost, names of the two parties, selling cost, the transfer date, and other important details of the contract.
Remember that a dated Form F is a legally binding contract after the seller and buyer have signed it up, with the agent as a witness. Therefore make sure that you have read the entire document and have confirmed the accuracy of the details listed inside. At the time of signing up the Form F, the buyer also makes a commitment to the purchase by paying the down payment.
You need a No Objection Certificate (NOC) in order to sell your property in the Emirate. To complete the sale of your property, Dubai Land Development demands a NOC from the property developer, after which the developer declares that the seller has no liability or pending debt towards them. After the developer confirms that they have no objection to the sale, you can sell it.
Charges for NOC are different among developers. Typically, the charges are between AED 500 to AED 5,000. The NOC fees add up to the price of selling property in Dubai. 5 to 7 business days are required to be issued. The required documents to apply for a NOC are as follows:
The last step of how to sell your property in Dubai is the ownership transfer. For this purpose, the concerned parties - the buyer, seller, and the agent have to visit the closest DLD trustee office. This is where:
In order to guarantee a smooth process for property ownership transfer, prepare the following documents:
For the complete process of selling property in Dubai, the following documents are demanded:
Yes, it is possible to sell a mortgaged property. However, you need to pay the mortgage and transfer the property to the buyer's name.