How to sell a property in Dubai

Step by step guide to sell a property in Dubai

Presentation is the key

Before listing the property for selling, make sure that it looks good so that highest possible price be attained. Take care of cracks or defects if present and invest on a new coat of paint.

Property Price

Proper pricing of property plays an important role in selling off property. Take help from an agency to calculate the right price based on property type, location, infrastructure etc.

Listing Property

Listing of property requires filling Form A and copy of title deed and passport. Form A is a contract between seller and broker highlighting terms and laws in order to sell property.

Marketing

Marketing and bringing your property in limelight is crucial to sell it.
Listing professional photos and description on portals increases the chances of sales. The agency will help in generating more leads from social media and by doing campaigns.

Presenting to buyers

The potential buyers would be interested I viewing the property physically. An experienced professional agent will show the property and highlight its perks explaining about the price and clear buyer’s doubt or questions. He will provide you with leads and negotiate on your behalf.

Seller – Buyer agreement

After getting a buyer, both parties will have to sign a MOU (Memorandum of Understanding) and Form F. The buyer will also deposit 10% security money.

Case of mortgage seller

The buyer should settle the mortgage with the help of bank before the NOC. It is advised to start the process early as it takes a lot of time.

Apply for NOC

After the deal, a NOC will have to be applied for to sell the property. A developer will do this against some fee. Once the fee is settled, any modification made by seller would be under the developer’s guidelines and he may come to view the property for which NOC has been applied. Some developers may also for some refundable amount from buyer which would be refunded once the buyer presents title and the records in developer’s office get updated.

Utility disconnection

Ask the utility provider to discontinue the services and fix a date for transfers.

Receiving NOC

After the NOC is issued, parties go to office of Dubai Land Department to get the ownership transferred. The DLD will insist on payment of purchase price in form of manager’s cheque made payable to seller on date of transfer, along with manager’s cheque with 4% transfer fee. Once all the formalities are completed, a new title deed in name of buyer will be issued and the buyer will settle any overpaid service charges with seller.

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