Selling Property Guide in Dubai
STEP BY STEP GUIDE TO SELLING REAL ESTATE IN DUBAI
1 The Presentation of Property.
Placing high priority on the best Presentation of Property (making the property look as presentable as possible) gives you the best chance of selling in a timely and profitable manner. This increases your chances of getting offers and the highest possible price for your property. We recommend that you make sure any cracks, defects or maintenance issues are dealt with before listing your property. We also recommend that you invest in a fresh coat of paint if need be and a full clean of the property along with ensuring that you have a tidy garden, if it is a villa.
2 Carrying out a market appraisal.
Your real estate consultant will come to your property to carry out a market appraisal. Proper pricing of the property will have the most influence on selling your property, so getting it right is key. Our agents will carry out a study to give you guidelines on pricing based on development, location and property type, along with planning a strategy for the best possible sale of your home.
3 Listing your property for sale.
In order to list your property, you will be required to sign a Form A and handover a copy of your title deed and passport. Form A is a contract between seller and broker outlining all the terms and must be in place by law in order to sell or market any home.
4 Marketing your home.
Marketing your home right is very crucial in order to get a sale. Roughly 70% of homes sell in their first 4 weeks of coming onto the market. Professional photos and descriptions in listings that are made premium and featured on all available portals will secure to get the widest audience possible. We also generate leads from social media and email campaigns with extended smart reach. This leaves no stone unturned in promoting your home to its fullest extent.
5 Showing the property to potential buyers.
Your property consultant will arrange for viewings of the property with potential buyers. As an industry specialist, your agent will not only show the property, but be able to offer information and answers to questions about the property, community, price, and all related factors around selling your property. Your agent will report back to you on solid leads, and facilitate negotiations on your behalf (and with your blessing on price range) with potential clients.
6 Seller and buyer agreement terms.
Once there is a serious buyer, both parties would be required to sign a memorandum of understanding (also known as an MOU and Form F). The buyer will also issue a 10% security deposit for the property.
7 What if you are a mortgage seller?
The buyer will be required to settle the seller’s mortgage prior to the NOC being issued. This will require bank involvement. To save time with this step, we recommend starting the process with your bank or lender the day you sign an MOU. They will issue a statement off accounts. This can take up to 2 weeks with certain banks.
8 Applying for the NOC.
All parties will meet at the offices of the developer to apply for a No Objection Certificate (NOC) to sell the property. The developer will usually issue the NOC against a payment of a fee (AED500-5000 depending on the developer) once the developer is satisfied that any amount due the developer in the form of service charges have been settled in full along with ensuring that any modifications the seller may have made have been completed as per the developer’s guidelines. Usually someone from the developer’s office will come and view the property once an NOC is applied for. Certain developers will also require a refundable deposit made by the buyer that is only returned once the buyer presents the new title deed at the developer’s office and their records are updated. (Processing can take up to 5 working days)
9 Arranging for utilities disconnection.
Speak with your utility providers and start the process of disconnection. By now all parties should know a date for transfer and finalizing. Doing so promptly can save any further delays should they arise.
10 Receiving the NOC.
Once the NOC is issued, all parties are able to go to the office of the Dubai Land Department to officially transfer ownership. The DLD will insist on the payment of purchase price in the form of a manager’s cheque made payable to the seller on the date of transfer, along with manager’s cheques for the 4% transfer fee and an admin fee not in excess of AED 4,000. Once formalities are completed, a new title deed will be issued in the name of the buyer. At this time, the buyer will settle any overpaid service charges with the seller worked out pro-rata.