Blog

A Comprehensive Guide to Sell Your Property in Dubai

A Comprehensive Guide to Sell Your Property in Dubai

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.

Before Posting Your Property For Sale in Dubai

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.

1. Search for a decent real estate agent 

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:

  • Do you both get along professionally? This is essential as an agent should paint the picture realistically with the strong and weak points. Plus, you should be able to communicate your concerns and ask for professional advice whenever needed.
  • Are they adept at your area of interest? For instance, if you want to sell your apartment in Dubai Marina, get an agent boasting an impressive track record of closing deals in that region and surrounding areas.

The agent will help you set a realistic price, guide you through the procedure, and define a detailed marketing strategy.

2. Form A

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.

3. Advertising your Property 

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:

  • Fix and repair anything that needs it
  • The house should be clean
  • Add decorations
  • Eliminate any clutter
  • Open the windows to make it feel airy and bright

After Finding a Buyer

After you have a buyer willing to buy your property, do the following:

1. Sign the Form F

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.

2. Get the NOC

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:

  • A copy of Form F
  • The passport or Emirates ID with a valid residency visa
  • The Oqood or Title Deed for off-plan properties

3. Transfer of ownership at Dubailand Department 

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:

  • A new Title Deed will be issued in the buyer name
  • Seller will pay the transfer fee to the DLD
  • And the buyer will pay the remaining amount of the purchase cost

In order to guarantee a smooth process for property ownership transfer, prepare the following documents:

  • Your original passport, Emirates ID, and a visa. Both the buyer and seller have to submit these.
  • Form F or MOU
  • A cheque to Dubai Land Department, usually for the 4% transfer fee
  • NOC from the developer
  • A cheque for the balance amount of the purchase price to the seller
  • A copy of the title deed

A Quick Recap - Required Documents to Sell A Property in Dubai

For the complete process of selling property in Dubai, the following documents are demanded:

  • The original Title Deed for the ownership transfer and to apply for the NOC
  • Form A for property marketing
  • Original passports with valid visas to apply for the NOC
  • NOC from the developer stating that the seller has no liability on the property in question
  • MOU or Form F to sell a property

Frequently Asked Questions

How can I sell my property in Dubai?

  1. Get a real estate agent
  2. Advertise your property
  3. Sign the required forms
  4. Transfer the ownership

Can I sell a mortgaged property in Dubai?

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.

Blog Categories

Recent Posts

Search Site
© 2012-2024 Mikegingerich.com    Contact   -   Privacy
magnifier linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram