If you’ve never sold a property in the UAE before, the process may seem a little confusing to you. That is exactly why we have put together this quick guide to take you through the process step-by-step.Enquire Now
Ensure that your property looks at its very best to give you the best chance of selling it quickly and profitably. Making your property look good by filling in cracks and painting it increases your chances of receiving good offers quickly.
The first thing you need to sell your property is enlist a RERA-approved agent. Make sure they give you a clear picture – the negatives along with the positives! It ensures against disappointments down the line. We will be able to guide you through the entire process – fixing a selling price, defining a marketing strategy, and even negotiating with potential buyers on your behalf.
Form A is a legal agreement with your real estate agent as mandated by RERA. It states that you have handed over the marketing and brokering duties of your property to said agent. All relevant details will be mentioned in this document. Submit it to DLD’s Trakheesi system for approval. Once approved, you’ll get a permit number so that you can advertise your asset.
You may have one of the finest properties, but you won’t have a buyer if nobody knows you’re selling! Your real estate agent will put it up in property listings (such as this one), in local newspapers, and social media to attract potential buyers. Professional photographs and descriptions in listings that are made premium will generate the widest leads. Such listings usually get sold in the first 4 weeks itself!
Your agent will arrange viewings on your behalf. The agent will not only show the property, but also answer the buyer’s questions about the property, community, price etc. Your agent will also enter negotiations on your behalf, after setting an expected price range with you.
Once you have a buyer move quickly. Prepare and sign Form F, which is a MoU between you and the buyer. It outlines all the terms & conditions of the deal. It is a legally binding contract signed by both parties, with the agent as a witness. At this stage, the buyer will make the down-payment.
Get a No Objection Certificate (NOC) from the developer as mandated by the Dubai Land Department. It can cost between AED 500 to AED 5,000. If the seller is self-financing, visit a DLD Trustee Office to block the property in the buyer’s name. You will be issued a Restraint Property certificate. If the buyer is taking a mortgage, the buyer’s bank will have to settle your mortgage with your bank.
Now, that you know who you are selling to, you should also have a good idea for the date of transfer. So, speak to your utility providers and start the process of disconnection. It can save you time ahead.
This is the final step towards selling your property. You, the buyer, the agents, and the mortgage consultant (if any) must visit the nearest DLD Trustee’s Office. The buyer will pay you the balance amount of the purchase price and you will have to pay the transfer fees to the DLD. The Trustee’s Office will then issue a new title deed in the name of the buyer.
Whether you need to rent a home, buy one or list your property get in touch with us
and we shall do the rest.