Complete Guide to Selling Your Property in Dubai
Are you planning to sell a property in Dubai for the first time? This guide to selling property in Dubai has everything you need to help you complete what can be a stressful process smoothly. Whether it’s an investment property or an apartment in Dubai you want to put on the market, you need to follow specific steps to sell a property in Dubai.
BEFORE PUTTING YOUR PROPERTY FOR SALE IN DUBAI
Starting the property sale process in Dubai can be confusing, especially if it’s your first time. Many people aren’t sure where to begin or how to proceed, but that ends here. First, let’s look at what you need to do before you sell property in Dubai.
FIND A GOOD REAL ESTATE AGENT
When enlisting an agent to manage and market your apartment or sell a villa in Dubai, you need to ensure that they are registered with the Real Estate Regulatory Agency (RERA) in Dubai.
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 your area of interest and do they have strong insight into it? For example, if you want to sell your apartment in JLT, look for an agent who has a strong track record of closing property deals in Jumeirah Lake Towers and adjoining areas.
- Do you get along with them professionally? This matters because you want a property agent who paints a realistic picture, with the good, the bad and the 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 meets the criteria above, 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.
FORM A
As soon as you decide on a Dubai property agent, sign an agreement with them. You will need FORM A, a RERA form that formally mandates 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. After approval, you’re issued a permit number to proceed with the property advertisement.
ADVERTISING YOUR PROPERTY
You cannot sell a 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, your real estate agent will handle listing your property on online portals like Bayut or dubizzle and advertising in local newspapers, social media 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 viewings. The first impression counts, and acting upon a few tips to sell a property in 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
After Finding a Buyer
It may take a while to find the buyer you want to sell your Dubai property to. When you do, here’s what you need to do.
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 includes 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.
A dated FORM F is a legally binding contract once both the buyer and the seller sign it, with the agent(s) as witnesses. So, make sure you thoroughly read through and check the accuracy of all details mentioned in 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 a NOC from the property developer, in which the developer declares that the seller has no remaining debt or liabilities to them and therefore has no objection to the sale.
Charges for NOC issuance vary from one developer to another. Usually, these charges range from AED 500 to AED 5,000. The NOC fee adds to the cost of selling property in Dubai. It can take about five to seven working days to issue. Documents required to apply for the NOC include:
- The Title Deed/Oqood (for off-plan properties)
- Your Emirates ID or passport with a valid residency visa
- Copy of FORM F
TRANSFER OF OWNERSHIP AT DUBAI LAND DEPARTMENT
The last step in 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 the developer
- Copy of the title deed
- A cheque to the seller (for the balance amount of the purchase price)
- A cheque to the Dubai Land Department (typically for the 4% transfer fee)
- Original passport, visa and Emirates ID (buyer and seller)
QUICK RECAP: DOCUMENTS REQUIRED TO SELL PROPERTY IN DUBAI
To sell 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.
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FAQs
How do I sell my property in Dubai?
- Find a real estate agent
- Advertise your property
- Sign the relevant forms
- Transfer the ownership
Do I need a real estate agent to sell my property in Dubai?
While there is no legal mandate to hire a real estate agent, the steps to sell property in Dubai generally need an experienced hand to get the job done.
Can I sell a mortgaged property in Dubai?
Yes, you can sell a mortgaged property in Dubai as long as you follow all required processes, pay the mortgage and transfer the property to the buyer’s name. Banks become an additional party to the sale contract, and you have a few extra steps to complete.
Do I need a No Objection Certificate (NOC) to sell my property in Dubai?
Yes, sellers do need an NOC to sell their property.
The Dubai property market throws up interesting propositions from time to time. So, keep an eye on property valuation in Dubai and you can cash in at the right time.
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