If you’ve decided that its time to sell, then we recommend you get your to-do list in order before you begin.
Our handy guide to selling covers all the bases, from getting a realistic valuation and dressing your property for viewings, through to hiring the right professionals to get your sale completed.
Steps involved in selling a property in Dubai
Get your property valuation
The first step in finding out what your property’s current value is is to get a fair market value of your property through a RERA certified agent. The agent can help you identify the fair market value by comparing recent and comparable sales in the community or area, and take current market conditions into account.
List your property
Take sometime to know the agency you are going to list your property with. A listing agent’s responsibility involves marketing and offering your property in a right manner by making right marketing and sales strategies. Offering exclusive listing rights to a right agency also motivates an agent to go extra mile and invest more time, marketing budget and efforts towards finding a buyer.
Accept a buyer’s offer
Once you’ve found a buyer offering the right price for your property, Its time to accept buyer’s offer to proceed with the sale and purchase process.
Sign Contract F (MOU)
This step involves both parties to agree on terms and conditions and accept the electronic contract which is called contract F. Contract F is essentially a Memorandum of understanding which consists of all the terms and conditions upon which both parties have agreed to execute the deal. Contract F is a most important contract involved in a Real Estate transaction in Dubai and should be read carefully before acceptance.
Obtain NOC
NOC which stands for No objection certificate is a letter issued by the developer which includes buyer, seller and property details stating that the developer has no objection with the transfer of ownership. The developer issues NOC after making sure that the service charges or any other dues related to the property are paid in full. NOC also gives buyer an assurance that no dues before the transfer of ownership are carried forward to the buyer.
Property Blocking
If the property is mortgaged : Where the property bought is mortgaged by the seller, Property blocking is a crucial step involved which protects interest of both the parties. While the seller’s mortgage is paid off by buyer or buyer’s bank during this step, Both the parties interests are protected in terms of transfer of ownership and secure payments.
Prepare for Final Handover
Final handover involves handing over all the set of keys to the buyer at the time of transfer. Based upon the terms of sale, The property is made available for the buyer to occupy upon transfer and hence all the furniture shall be moved out and property is brought to good condition before handing over the keys. If in case, The property is rented, The rental cheques along with security deposit from the tenant is handed over to the buyer. Utilities should be disconnected by obtaining final bill from DEWA.
Transfer ownership at Dubai Land Department
The last step requires both party to meet at trustee office of Dubai Land Department. Final signatures from both parties takes place in Dubai Land Department office and property change hands.