Step by Step Guide to Selling Property in Dubai
1Presentation of Property
Presentation of Property Making your property look presentable gives you the best chance of selling in a faster time scale. By doing this also increases your chances offers and getting the highest possible price. We recommend you make sure any cracks or defects should be dealt with. We also recommend you invest in a fresh coat of paint if needed and a full clean of the property along with a tidy garden if it’s a villa.
Your local real estate specialist will come to your property to carry out a market appraisal. Our agents will also plan a strategy with you for the sale of your home. Price is thee major influence in the sale of a property so getting it right is key.
3Listing Your Property
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. A 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.
Marketing your home right is very crucial in order to get a sale. Roughly 70% of homes sell in there first 4 weeks of coming to the market. Professional photos and descriptions while being made premium and featured on all available portals to get the widest audience possible. We also target social media and do email campaigns with extended smart reach. This leaves no stone unturned in promoting your home to its fullest extent.
5Seller and Buyer Agree Terms
Both parties would be required to sign a memorandum of understanding (also know as an MOU and Form F). The buyer will also issue a 10% security deposit.
The buyer will be required to settle sellers mortgage prior to NOC. This will require banks involvement. To save time 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.
7Apply For NOC
All the 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 to the developer in the form of service charges have been settled in full along with any modifications, the seller may have made has been completed as per the developers guidelines. Usually someone from the developer’s office will come and look around once the property once applied for. Certain developers will also require a refundable deposit upon the buyer in which is only refunded when the buyer presents the new title deed at the developer’s office and their records are updated (Process 5 working days)
8Arrange For Utilities Disconnection
Speak with your utilities companies and start the process of disconnection. By now all parties should know a date for transfer and finalizing. By doing this can save any further delays should they arise.
9Once Received 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 Dubai Land Department will insist on payment of the purchase price being made in the form of a manager’s cheque made payable to the seller on the date of transfer, along with managers cheques for the 4% transfer fee due to the DLD 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. Also at this time the buyer will settle any overpaid service charges with the seller worked out pro rata.
Hand over all keys and Access cards