Are you planning to sell property in Dubai for the first time? This guide to selling property in Dubai is all you need to ensure the smooth completion of what can be a stressful process. Whether it’s your investment property or your apartment in Dubai that you wish to put on the market, there are specific steps to sell property in Dubai that you need to follow.
BEFORE PUTTING YOUR PROPERTY FOR SALE IN DUBAI
Initiating the process of property sale in Dubai is perhaps the most confusing part, especially if it’s your first time. A lot of people aren’t sure about where to begin and how to proceed, but that ends here. To begin with, let’s first look at the things you need to do before you actually sell property in Dubai.
FIND A GOOD REAL ESTATE AGENT
All RERA-approved real estate agents in Dubai follow the real estate business ethics principles outlined by the Dubai Land Department (DLD). This essentially means that these agents are trustworthy, honest and professional in their dealings. How do you identify a RERA-approved real estate agent? Ask them for their RERA card.
Now out of the hundreds of RERA-approved real estate agents in Dubai, which one is right for you? To answer that, consider the following aspects:
- Are they an expert in and have a good insight into your area of interest? For example, you want to sell your apartment in JLT, look for an agent who has a worthy track record of closing property deals in Jumeirah Lake Towers and adjoining areas.
- Do you get along with them professionally? This is important because you want a property agent who paints the picture as it is, with all the good, bad and ugly. Also, you should be able to voice your concerns to them and look for professional advice where needed.
As long as your property agent in Dubai adheres to the above-mentioned criteria, you are good to go. The agent will guide you through the process, help you with deciding a realistic selling price, define a thorough marketing strategy for your property and help you sell property in Dubai.
As soon as you decide on a real estate agent, sign an agreement with them. You will need FORM A – one of the RERA forms, to formally mandate the marketing and brokering of your property to the agent. This form includes property details, agent commission, service charges, payment schedules, mortgage status (if any) and listing details. Once FORM A is signed, it is submitted to the DLD’s Trakheesi system for approval. You’re issued a permit number after approval to carry on with the property advertisement.
ADVERTISING YOUR PROPERTY
You cannot sell property in Dubai or anywhere in the world without people knowing about it. To attract potential buyers, you need to tell and show them what is up for sale. For the most part, it is your real estate agent who will take care of putting your property up on online listing portals like Bayut.com and advertising in local newspapers, social media sites and other platforms.
One of the most important elements of marketing a property is its presentation – how the world sees it. This is where “property staging” comes in. You need to make sure your property for sale in Dubai looks good in videos, photographs and the 3D imagery used for advertising it. In addition to this, you will have potential buyers coming in for property viewing. The first impression counts and acting upon a few tips to sell property Dubai actually helps. Prepare your property for the sale.
For your property to be attractive to potential buyers
- It should be clean
- There should be no clutter
- Let the light in from the windows to make it look bright and airy
- Decorate to make it appealing to the eyes
- Fix and repair everything that needs it
ONCE YOU FIND THE BUYER
It might be a while before you find the buyer you want to sell your Dubai property to. When you do, here’s what you need to take care of.
SIGNING FORM F
FORM F, also known as the Memorandum of Understanding (MOU), is the sales contract between the buyer and seller of the property. It contains all the terms and conditions agreed upon by both parties, including price, property details, selling costs, names of both the parties, the transfer date and other finer details of the contract.
You should know that a dated FORM F is a legally binding contract once both the buyer and the seller sign it, with the agent(s) as a witness. So, make sure you thoroughly read through and check the accuracy of all details mentioned on it. At the time of signing FORM F, the buyer also makes the down-payment as a commitment to the purchase.
GETTING THE NOC
You require a No Objection Certificate (NOC) to sell property in Dubai. To complete the sale of property in Dubai, the Dubai Land Department needs an NOC from the property developer, whereby the developer declares that the seller has no remaining debt or liabilities towards them and hence, they have no objections on the sale.
Charges for NOC issuance vary from one developer to another. Usually these charges fall between AED 500 and AED 5000. The NOC fee adds up to the cost of selling property in Dubai. It can take around five to seven working days to be issued. Documents required to apply for the NOC include:
- The Title Deed/Oqood (for off-plan properties)
- Your Emirates ID or passport with valid residency visa
- Copy of FORM F
TRANSFER OF OWNERSHIP AT DUBAI LAND DEPARTMENT
The last thing in this process of selling property in Dubai is the ownership transfer. For that, all the concerned parties – the seller, the buyer and the agent(s) need to visit the nearest DLD trustee’s office. This is where:
- The buyer will pay the remaining amount of the purchase price
- The seller will pay the transfer fees to the DLD
- A new Title Deed will be issued in the buyer’s name
To ensure a smooth process for Dubai property ownership transfer, you need to carry the following documents:
- Form F (MOU)
- NOC from developer
- Copy of the title deed
- A cheque to the seller (for the balance amount of the purchase price)
- A cheque to Dubai Land Department (for the 4% transfer fee)
- Original passport, visa and Emirates ID (buyer and seller)
QUICK RECAP: DOCUMENTS REQUIRED TO SELL PROPERTY IN DUBAI
For the entire process of selling property in Dubai, you need the following documents.
- FORM A for property marketing
- FORM F/MOU to sell property in Dubai
- NOC from the developer stating the seller has no liability on the property in question
- Original passports with valid visas to apply for NOC
- Original Title Deed to apply for NOC and transfer property to the buyer.
There you have it, everything you need to know about how to sell property in Dubai. Things are slightly different when you want to sell mortgaged property in Dubai. Banks become an additional party to the sale contract and you have a couple of additional steps to take care of. Similarly, the steps to sell off-plan properties in Dubai are different from the completed properties.
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