How To Sell Your Property In Dubai

Nov 13, 2023
Real Estate
206

How To Sell Your Property In Dubai - A Comprehensive Guide

Selling a property always brings many concerns no matter in which corner of the world you are trying to sell and UAE is no exception. Although it is a very regulated country with minimum scam rate and high ROI in almost all corners of the country, still you need right guidance and expert help in the form of a dedicated real estate agent especially if you are a first time seller.

The real estate market has been booming in UAE since 2022 because it is becoming a business hub with many more opportunities and a smooth property transfer procedure in Dubai.

You can get rid of your previous homes, apartments, or any other property quickly and get a new project the same way. Take assistance from our comprehensive guide regarding selling property and begin the process!

Reasons And Best Ways To Sell Your Property

If you have a property in Dubai that you have rented out for years or a piece of land that you want to sell for commercial purposes, it's time to sell it and invest in a new venture. Besides just trading, we sometimes need to sell the property urgently if unforeseen conditions happen.

Therefore, always be informed enough so you can get the best value no matter whether you are short of time or need to sell your property overnight. Or, if you’re a local and want to move from AL Barsha to Jumeirah Lake Towers or the Arabian Ranches, let us help you navigate this complex marketplace's ins and outs.

1. Searching For A Real Estate Agent

As someone who wants to go through the property transfer procedure in Dubai, you first need to enlist an agent in your case. Look for a reputable real estate agent with a positive track record who is approved by the Real Estate Regulatory Agency (RERA). These agents are reliable and professional in their work. But how do you know if they are perfect for the job? Here is the answer to your concerns!

If you want to sell property in Al Barsha, search for people who have previously sold properties in the same area. They might easily bring in a potential buyer and will close the deal better than a newcomer.

It is important to have an understanding of the agent. This helps paint a good picture of the property and allows you to connect with them for anything. You can call them any time of the day for advice and assistance.

Their history needs to be good! It’s important to get a hold of someone committed to their job. They should have a good history of assisting clients with buying and selling. So, if your agent falls into the above criteria, you are good to go. Decide a market-competitive price and begin the selling process.

2. Getting Form A

You will need a form A after signing with a real estate agent. This is to accept the marketing and negotiation of your property formally. The form includes a lot of details, such as:

The commission of the agent

· Details regarding the property

· Agents commission

· Schedules for payments

· Status of mortgage

· Service charges

· Listing details

After this form is signed, it is given to the DLD’s Trakheesi system to get approved. You are then given a permit number as acceptance to begin the marketing process.

3. Marketing Your Properties in Dubai

Selling a property, no matter in which area of the world you are living, after a good real estate agent, the most important thing is to find the right buyer. The same is the case when planning to sell a property in Dubai. This can be done when you advertise your property agent’s agent’s responsibility to carry this out.

Hire the best real estate agent who will take proper pictures (as they know how to present the property well because they can see it through your buyer’s eyes) and then start posting on different platforms. These agents have vast networks and even have their own marketing domains. Agents also do staging of the property, where they take videos, photos, and 3D images to lock a buyer. Some of the most important things to remember when selling property are that:

. The property should be very neat and clean

. Avoid cluttering, and it should look like an open space

. Let the natural light fall in to give it an airy look

. Decorate it the right way

. Repair anything that’s broken

Finalized The Buyer? Now, Follow The Steps Below

Here are some of the steps you need to follow after you have finalized the buyer:

1. Signing the Form F

Form F, also known as the Memorandum of Understanding (MOU), is a contract between the buyer of the property and the seller. This form actually legally binds both parties in a contract, when you will sign this form you need an agent who will be the witness.

In this form, you will find a list of terms and conditions and the property details, make sure to read these terms carefully to avoid any issues. Besides terms here you can find the prices, the selling costs, and the date of the property transfer as well.

Once the form is signed it will be considered that you are 100% willing and agree to the price and other terms mentioned on the form so make sure to read it carefully.

2. Getting The No-Objection Certificate

No Objection Certificate, abbreviated as NOC, is an important document that is needed to sell properties in Dubai like in almost any country of the world. Being an owner you need to submit the NOC to the Dubai Land Department for the completion of the sale of the property. The NOC declares that the seller has cleared any debt and has no objections to selling the property.

Usually, the charges are somewhere between AED 500 to AED 5000 to issue this NOC depending upon which type of property you are selling. Time required to issue this document is 5 to 7 working days.

You Need The Following Documents When You’re Applying For Your Noc:

The Oqood or the Deed for the off-plan property
A copy of the Form F
Emirates ID
Your Passport with a residency visa if you’re not UAE-born

Property Transfer Procedure in Dubai

This is the last step when selling a property in Dubai. To do this, you have to visit Dubai. Still, here, your real estate agent can smooth this nasty process; from filling out the form to dealing with other papers, these agents can make this process a smooth experience. Here are a few steps to follow

The Buyer has to settle the manager's check under the seller’s name of the purchased price.
The Buyer has to pay the transfer fees to the Trustee Office.
The Buyer has to pay the Property Registration fee to the Dubai Land Department.
The Seller has to pay the NOC Fee to the Developer.
The DLD issues a new Title Deed / Oqood in the new buyer’s name.

To ensure this process is smooth, it’s important to be efficient and carry the following documents:

Memorandum of Understand/ Form F

NOC
A copy of the deed
A cheque in the name of the seller
A cheque for the Dubai Land Department

Emirates ID, Visa, and Original Passport of both the seller and the buyer. Your property dealer will specify what’s needed according to your situation.

What Do You Need To Do As A Mortgage Seller?

If you are a mortgage seller, then the following are some measures you need to take:

Before signing the NOC, the buyer has to pay the seller’s mortgage. It’s best to begin the process after signing the Form F.

You must go through the blocking property process with DLD for buyers paying cash. They will then assist you in protecting the buyer from clearing the seller’s mortgage.

If, as a buyer, you need the bank’s help, then the seller’s and buyer’s banks will discuss matters on their own. This ensures a smooth procedure.

How Much Do I Need To Pay To Sell Property In Dubai?

There is a list of fees that you have to pay to sell your property in Dubai successfully. Go through the following costs to get a better idea:

1. Agency Fees

To sell property in Dubai, you have to pay the agency fees. The fee is 2%+ VAT of the selling price of the property. All these details are mentioned in the Form A.

2. NOC Fees

The cost that the seller has to clear to sell his property smoothly. The NOC charges are

a.AED 525 for Ready Property with Title Deed

b.AED 5250 for Off plan Property with Oqood/ Pre Title Deed

3. Admin Fees

When selling property in Dubai, a fee is important for the transfer of ownership. You need to pay the amount to the Dubai Land Department. The fee is either paid by the buyer or divided between the seller and the buyer.

4. DLD Fees

You must pay DLD, which is AED 40+ 4% of the selling prices. This is split between sellers and buyers as per the agreement.

The transfer fee of the ownership depends on the selling price. If the selling price of the property is higher than AED 500,000, then the transfer fee is AED 4,200. If the selling price is lower than AED 500,000, the transfer fee is AED 2100 for ready properties with Title Deed and AED 5250 for the off plan Properties.

What Is The Fee Structure For Selling Mortgaged Property?

The fee structure of Mortgaged properties includes a few additional charges.

1. Blocking Fee

The buyer pays this fee to block the property in the buyer’s name. That’s done after clearing the seller’s mortgage. The charges are between AED 1020 to AED 1520. This amount is paid to protect the buyer, ensuring the property isn’t sold to anyone.

2. Early Settlement Fee

These are the charges paid to sell property in Dubai. This fee is paid when the mortgage is cleared earlier than the decided time. The seller has to pay 1% of the amount left, or AED 10,000.

3. Mortgage Release Fees

This fee has to be cleared by the seller of the property. It releases the existing mortgage. The charges for Islamic mortgages are AED 1560, and normal mortgages are AED 1290.

What Are The Benefits Of Hiring A Good Real Estate Agent In Dubai?

Having a dedicated real estate agent on your side means your property is in expert hands. Here are a few benefits of hiring a real estate agent in Dubai.

Save Your Time And Money

Initially, you might think you are spending your money, but you are saving your precious time and money as you can avoid many distractions, and your process will be smooth.

Access To An Expansive Marketplace

A real estate agent has access to many marketplaces and knows very well where to display it to attract the right buyers.

A Vast Contact List

They have a contact list of experts in their field who might be already looking for opportunities to buy a property in Dubai.

Get A Good Price

Real estate agents know the market well and bring you the best prices through market analysis data.

No Paperwork For You

Your agent can handle the whole paperwork even if you sell for the first time in Dubai; it will be a free journey.

Expert Tips

There is no need to hire inspection specialists, as your agent will tell you what to do before throwing it on the market.

Bottom Line

As an Emirate or a Dubai visitor interested in buying and selling property, it’s important to be aware of the property transfer procedure in Dubai. It allows you to be prepared for all the costs you must pay off. A lot of documentation is needed, so before going through the process, you can just collect to ensure seamlessness and efficiency.

Good luck buying or selling your property in your favorite locations in Dubai!

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