Having a property in Dubai means high ROI. This is one of the main reasons why most people want to sell their property. However, you may want to do that because you are moving to a new apartment or for some other reason. Whatever the reason is, being well informed about the things involved in the selling process is crucial. Thus, here is a guide that shows how to sell the property in Dubai and what things you need to take care of.
How to Sell a Property in Dubai?
Whether you have an off-plan or a Ready property, it is important to know how to sell it if you are doing it for the first time. Below are the beginner-friendly steps that will help you to sell the property easily:
- The first thing you need to do is to find a good real estate agent who can help you sell the property.
- The second step is to get the accurate valuation of the property you want to buy.
- Once the valuation is done, sign Form A with the real estate agent.
- Start marketing your property so that you can reach multiple customers.
- When your agent starts marketing the property, the next thing to do is to get property viewings and receive the buying offers.
How to Find a Perfect Real Agent?
Selling the property is one of the big decisions, and you would not like to make any mistakes in it. While finding a real estate agent, you must make sure that they are specialized in your area to ensure a smooth selling journey. As they are the communicator between you and the potential buyers, you must make sure that every conversation is honest and open. Make sure to check if they have a strong marketing team or not. It is because marketing helps to give exposure to your property as needed. Additionally, don’t forget to check how their customer service is or what kind of services they offer to their partners.
Form A – What is it and Why is It Important
Form A is one of the RERA forms that must be signed by you and the agent. Thus, as soon as you decide on a real estate agent for your property, you must make sure to sign Form A with them. The form includes different details like agent commission, service charges, payment schedules, and many more. When the form is signed, it is submitted to the DLD’s Trakheesi system for approval. Once it is approved, you will receive a permit number to carry on with the property advertisement.
How to Market Your Property?
When you have signed Form A, the next thing for your agent is to market your property. They should use all the marketing channels to market the property. This is the reason why you must choose the agent who has a strong marketing channel. They must start listing your property on their official website, social media, and other real estate portals. You must also keep a check on how they are marketing it. There should be good quality photos, well well-written description, and key features of your property.
What to Do Once the Buyer is Finalized?
Once you finally find the buyer, you will need to go through the procedure below:
Signing Form F
As soon as you find the buyer, the next thing is to sign Form F along with the buyer. It is basically a sales contract between the buyer and the seller. You will get all the terms and conditions of the sale, including the price and payment schedule.
Get an NOC
The next thing to do is to get an NOC (No Objection Certificate). NOC is the proof that the developer confirms that there are no dues or charges left on the property. It makes it easy to transfer the ownership.
Get an Ownership Transfer at DLD (Dubai Land Department)
The final step is to get the Transfer ownership certificate at the Trustees’ Office of the Dubai Land Department (DLD). You and the buyer will need to present at the office. Both of you might be accompanied by the broker as well. When all the necessary paperwork is done and the fees are paid, DLD issues a new title deed in the buyer’s name, and the key or the access card will be handed over to the buyer.
What if You Have a Mortgage on Your House?
If you have a mortgage on your selling house, you will need to follow the following process. However, it might be a little complicated compared to the one without a mortgage.
- The first thing to do is to get a liability letter from your bank. It shows the remaining balance on your mortgage to understand how much you need to pay off before the sale can proceed.
- Get a No Objection Certificate (NOC) to confirm that there are no outstanding service charges on the apartment.
- Get the property blocked in the buyer’s name before the mortgage is cleared. To do so, you will have to go to the Dubai Land Department (DLD) registration trustee’s office. After that, you can not sell it to anyone else.
- Once the buyer pays you, clear the mortgage you had on the property. You will get a mortgage release letter or clearance letter, along with the original title deed.
- The final step is to transfer the ownership at a DLD registration trustee’s office. Both of you need to be present. The new title deed will be received by you.
Conclusion
Selling a property in Dubai is an easy process if you follow all the steps properly. Start with selecting a reliable agent and signing Form A with them. They will market your property to a wider audience and help in finalizing the buyer of the property. Once you find the right buyer of the property, sign Form F and finalize the HIP transfer with them. Whether you have a mortgage-free or still-financed property, having an experienced real estate agent is what you need.
