If you're looking to sell your property in Dubai, look no further than this guide. We round off the things you need to ensure a smooth process.
1) Pick the right agent
In order to sell your property on the secondary market, you will need to enlist an agent. It is better to seek out an expert who has a good understanding of the area that you live in. Luxhabitat's niche lies in high-end property located in 12 areas of Dubai, including: Al Barari, Arabian Ranches, Downtown Dubai, Emirates Hills and Palm Jumeirah.
If you're looking to sell your property, then do contact a specialist here. Together with Luxhabitat, we will then lay out a marketing strategy for your property and aid valuation with market reports. Having an expert in real estate will ensure you can close a best possible sale.
You must sign an agreement with your broker to market the property. It is called a Form A. In order to market your property, signing off on a Form A is mandatory. This form also defines the commission paid to the agent to sell your property.
2) Make sure you have the necessary documents in place
In order to prepare the Form A, you must provide your broker with copies of:
1) Title deed / Oqood in the case of an off-plan property
2) Passport with UAE Residence visa and Emirates ID (if applicable)
3) Once a buyer is found, agent prepares the Form F
When a buyer for your property is found and a price is agreed upon, you need to sign a Form F with the buyer. The Form F outlines the details and conditions of the sale between the buyer and seller.
If the buyer opts to finance the purchase through a bank mortgage, his bank will conduct a professional property valuation through a third party to determine a fair current market value of the property.
4) Settlement of mortgage payments, if applicable
If your property is mortgaged, you need to request a liability letter (typically valid for 15 days) from your bank. The right agent will guide you accordingly.
Once that is done, you need to get an NOC from the developer. Each developer has a different criteria for an NOC which typically includes advance payments of service charges amongst other expenses. Please provide the documents from the checklist in step 2 while applying. The NOC costs between 500 and 5,000 dirhams and is issued within 24 hours to seven working days. Some developers may charge extra to expedite this procedure.
After the developer issues the NOC, if the seller has finance, you would proceed to a Dubai Land Department's trustee office in order to block the property into the buyer's name. The trustee office will hold the buyer's payments and issue a 'Restrain property certificate.' In the case that the buyer is mortgaging the property, then the buyer's bank will settle the mortgage for the seller. If the buyer is not getting a mortgage, then the seller's mortgage is settled directly.
5) Transfer ownership at the DLD
You, the seller, the agents involved and the mortgage consultant (if applicable) will then need to go to a Dubai Land Department trustee office to initiate the transfer. Take your original passport with you, along with the original title deed, clearance letter, and Emirates ID in order to have the new title deed issued in the buyer's name. At the point of transfer, you will simultaneously receive the payment. The applicable transfer fees are paid at this point to the Dubai Land Department.
Note: This methodology does not apply to properties within Dubai International Financial Centre (DIFC).
Article published on 15 May 2017 by Andrew Cleator
Article tagged with Dubai