Before you sell your Dubai property, there is a myriad of factors to consider. Other than that, you will need the help of a reliable real estate broker to help you navigate the procedures. A real estate Dubai company that is well-versed in the local and global markets.
Presenting Your Property
Putting your home on the market will help speed up your sales and also bring in more offers and high yields. Before everything else, ensure it has fresh paint, the gardens are taken care of, and every furniture is in order.
Now the process of selling a property in Dubai is often overwhelming to make Dubai property owners, especially if it’s a first-time experience. Many don’t know the right approach to anything. However, all that confusion ends here. Let’s look at the essentials before selling your property:
Find a Skilled Real Estate Broker in Dubai
When you sign up with a property agent to market and manage your property for sale in Dubai, make sure they are RERA certified. All RERA certified best real estate brokers in Dubai adhere to real estate business laws and regulations as directed by the DLD. When you met a real estate broker, ask them for a RERA card. This shows their credibility.
The truth of the matter is there are thousands of Dubai real estate agents, which one should you choose? The best way for you to find out is by considering the following factors:
Knowledge of the Market
Does your prospective real estate agent understand the area of your interest? For instance, you've property for sale in Dubai Marina, look for a real estate Dubai agent with a proven track record of sealing property deals in Dubai Marina and surrounding areas.
How do you get along with your property agent? This is crucial because, at the end of the day, you want a real estate broker who says it as it is, with both the benefits and setbacks. Furthermore, you should be comfortable enough to express yourself to your agent and seek guidance when need be.
So long as the Dubai property agents are in line with the criteria we have mentioned above, then you are ready to get started. Your agent will help you with different activities such as determining the best marketing approach and the best Dubai property price for you to dispose of it faster than expected.
Signing Form A
Once you have chosen your property agent, you should sign a contract with them. You will be provided with a RERA form called FORM A to officially give them the responsibility of marketing and managing your property.
Details in the form include:
- Property details
- Payment plans
- Service charges
- Agent commission
- Listing details
- Mortgage status
After you are done, the form will be sent to the trakheesi system of DLD for approval.
Marketing & Advertising Your Dubai Property
First of all, your property must appeal to your buyers. The buyers should be able to picture themselves at home when looking at your property. There is no way you can sell a property in the UAE or any other part of the world if people don’t know anything about it.
For potential buyers to see your property, you should describe to them and tell them your offering. But for the better part of the process, it is your Dubai property agent who will be handling your Dubai property on various platforms such as social media, property listing websites.
Presentation is one of the most crucial aspects of property marketing. The world will see your property how you present it. Property staging is important. Ensure your property for sale in Dubai is well described via photographs, videos, and 3D tours.
This will attract potential property investors to your property. Remember, the importance of the first impression cannot be overemphasized and leverage a few hacks to sell property in Dubai can help. Therefore, prepare your property for sale.
Ensure your property is:
- Has no clutter
- Has good natural lighting from outside
- Has nice and appealing decor
- Repaired and nothing is in default
After Finding a Property Buyer
Finding a property buyer in Dubai isn’t instant, it takes time. But when you finally do, the following is what you need have taken care of.
Buyer & Seller Contract
When Aras Real Estate connects you to a prospective property investor and they have shown interest in acquiring your property. A Memorandum of Understanding, also known as Form F must be signed between the property owner and the buyer. The purchaser will then pay a security deposit of 10%.
Sign the Form F
As we have mentioned before, this is an agreement document between the seller of a property and its buyer. It comprises the terms and conditions that both parties have agreed upon. It includes information such as:
- Selling price
- Property details
- Name of participants
- Date of transfer
- And other details.
NOTE: A dated MOU is a legally binding agreement, and once it is signed, with the agent as witness. You should ensure that you go through the contract keenly and confirm the accuracy of the information contained therein. It is during the signing that the property pays the down payment, which acts as a commitment to acquiring the property.
Obtain the NOC
You must apply for the NOC prior to selling. In order to seal a real estate sale transaction, you should submit your NOC to the DLD. Remember, it is the developer that issues the NOC to acknowledge selling of the process.
NOC fees vary with developers. But the fees range from AED 500 to AED 5000. This amount is included in the selling price of the property. The issuance of the NOC takes between 5 – 7 days.
Documents for NOC Application
- Sale Agreement
- Passport copy for non-residents or owner’s Emirates ID copy
- Certificate of Payment Settlement
- Attendance of a lawyer, both parties
This is the last stage. The seller, the property purchaser, and the property agent go to DLD to, where the following happens:
- The balance is paid
- The home provide the buyer with a new title deed under their name
Some of the documents you will be required to have at DLD’s office include:
- Title Deed Copy
- A cheque of the 4% DLD fee
- Emirates ID or original Passport (for either the seller or the buyer)
- A cheque of the balance is paid to the seller