guide to selling property in dubai
Want to Sell your Property? Get the right knowledge from our experts or refer to the guide below!
Presentation of your Property
If you want to sell your home quickly and for a higher price, prioritize making it look its best by fixing any cracks, flaws, and maintenance issues, cleaning it thoroughly, painting if needed, and tending to the garden. Buyers may not have the necessary imagination or experience to appreciate a property's potential value, so take care of repairs beforehand.
Conduct Full Market Analysis
A real estate expert will conduct an on-site analysis of the current real estate market situation and provide pricing suggestions based on property type, location, and development. Our agents will develop a strategy to maximize your home's selling potential.
DXBinteract provides online tools with reliable information on previous transactions, rentals, and relevant data to help you make informed pricing decisions for your property
List your Property for the Sale with good Real Estate firm
You need to sign Form A or Contract A by the Dubai Land Department and share a copy of your passport or Emirates ID and title deed or good to list your property. The above is a prerequisite for listing your property. Form A is a contract that must be in place per the law to sell or advertise any property in Dubai. This contract is between the seller and broker, as it outlines all the requirements. To advertise the property, the broker will apply for marketing permission.
Time to Market your Property
To successfully sell your house, marketing is crucial. Listings with professional photos and descriptions, upgraded to a premium level, have a higher chance of selling within the first four weeks. Our agents use email and social media campaigns to reach a larger audience. It's important to choose an agent with knowledge of various marketing platforms and access to premium tools that can enhance exposure. We leave no detail overlooked when promoting your property to its full potential.
Exposing the property to prospective buyers.
Your property consultant will coordinate the viewings with interested parties. Our expert will keep you updated on new leads and negotiate with prospective customers on your behalf (with your approval on the price range).
It is necessary to provide the agent with unrestricted and easy access. You may increase the number of potential buyers interested in viewing your property by ensuring that the agent has access to all the relevant documentation. In addition, this will make the experience for the buyer go more smoothly.
Agreement between Seller and buyer
The price and the terms of the sale should be negotiated between the parties once the buyer is interested in purchasing the property. To establish a case for the buyer and seller to reach an agreement on a price that is founded on facts and data trends, a qualified agent is essential at this point in the process. When making an offer, it can be helpful to demonstrate how serious the buyer is by including a cheque for the 10% deposit. After reaching a consensus, it will be necessary for both parties to sign a memorandum of agreement, which is also referred to as an MOU and Form/Contract F. It is also possible to generate and execute this contract electronically online using SMS and OTP, which would eliminate the need for printing and scanning.
In exchange for the full payment to the seller, the buyer will typically hand over a security deposit equal to ten per cent of the purchase price of the property. This deposit will typically be retained by the agency until the moment of transfer. Make sure that the agency or its sales progression/conveyance department has a clear understanding of the timeframe and processes to transact by providing a precise plan of what to expect and when to expect it during the process. This will help to ensure that there are no surprises.
Are you a Mortgage Seller!
Before the NOC can be given, the purchaser is responsible for paying off the seller's mortgage. Therefore, the bank will need to become involved. It is recommended to start the process with your bank or lender the same day you sign an MOU to save time with this phase. On request, they will provide a letter stating their liability. When dealing with specific banks, this could take up to two weeks.
A procedure is followed at the Dubai Land Department Trustee office to block the property to safeguard the buyer from clearing the seller's mortgage if the buyer is paying cash for the property. If the buyer intends to secure financing for the purchase, the buyer's bank will work directly with the seller's bank to ensure the transaction goes through without a hitch.
Apply for the NOC
All parties will gather at the developer's office to apply for a No Objection Certificate (NOC), which is required before the property can be put up for sale. Several developers support online application submissions. The property developer will investigate to see if there is any money owed in the form of service charges or instalments, both of which need to be paid in full. The application for the NOC will be accepted by the developer upon the payment of a fee that is typically between AED 500 and 5000 with VAT. This amount is the maximum as per law.
Once an application for a NOC has been submitted, it is typical for someone from the office of the developer to come and view the property. They will issue the NOC if everything is in order. If this is not the case, they will notify the seller of any changes that need to be addressed by getting approvals or reverting the property to its initial state.
Some developers will additionally demand the buyer to make a deposit that is later returned to them when they have presented the new title deed to the developer. It's done to ensure that the records of the developer are kept up to date. (The processing time typically ranges from one to five business days, although it may take significantly longer depending on the kind of property, the developer, and the community).
Disconnect the Facilities
Start the procedure of disconnecting your utilities by having a conversation with your service providers, such as DEWA (Dubai Electricity and Water Authority). At this point, all parties should be aware of the date on which the transfer and finalization will take place. When this is done in a timely manner, any further delays that may occur can be avoided. Typically, this may be done online, and it normally takes between 24 and 48 hours.
Time to Handover the Keys
Following the issuance of the NOC, all parties can go to the trustee office of the Dubai Land Department to officially transfer ownership of the property in exchange for money. The DLD will require that the purchase price be paid in the form of a manager's cheque that is made payable to the seller on the date of transfer.
Additionally, manager's cheques will be required for the 4% transfer fee and an administrative fee that does not exceed AED 4,000 plus vat for ready properties that cost more than 500,000 AED or AED 5,000 plus vat for off-plan properties.
For the properties with lower ticket prices, the costs are slightly less. After all of the necessary procedures have been finished, a new title deed will be created and issued in the buyer's name. At this point, the buyer will settle any prepaid service costs or rental amounts with the seller on a pro-rata basis. These sums will be worked out between the two parties.