Are you thinking about selling real estate in Dubai for the first time? This guide to selling property in Dubai contains everything you need to know to ensure a smooth conclusion to what can be a stressful process. Whether you want to sell your investment property or your apartment in Dubai, there are specific steps that documents do need before selling property in Dubai that you must take.
Before putting your property on the market in Dubai,
Starting the property sale process in Dubai is probably the most difficult part, especially if it’s your first time. Many people are unsure of where to begin or how to proceed, but that is no longer the case. To begin, let’s take a look at what you need to do.
Look for a good real estate agent.
When hiring a real estate agent to manage and market your apartment or sell a villa in Dubai, make sure they are registered with the Real Estate Regulatory Agency (RERA).
All RERA-approved real estate agents in Dubai adhere to the Dubai Land Department’s (DLD) real estate business ethics principles. This essentially means that these agents’ dealings are trustworthy, honest, and professional. How do you find a RERA-accredited real estate agent? Request their RERA card.
Which of the hundreds of RERA-approved real estate agents in Dubai is best for you? Consider the following factors to respond:
- Are they an expert in and knowledgeable about your field of interest? If you want to sell your apartment in JLT, for example, look for an agent who has a proven track record of closing property deals in Jumeirah Lake Towers and surrounding areas.
- Do you have a professional relationship with them? This is significant because you want a real estate agent who paints the whole picture, good, bad, and ugly. You should also be able to express your concerns to them and seek professional advice as needed.
You are good to go as long as your property agent in Dubai meets the aforementioned criteria. The agent will walk you through the process, assist you in determining a realistic selling price, develop a comprehensive marketing strategy for your property, and assist you in selling property in Dubai.
Sign an agreement with your real estate agent as soon as you’ve decided on one. To formally mandate the marketing and brokerage of your property to the agent, you will need Form a, one of the RERA forms. This form contains property information, agent commissions, service charges, payment schedules, mortgage status (if applicable), and listing information. When Form A is signed, it is submitted for approval to the DLD’s Trakheesi system. Following approval, you will be given a permit number to continue with the property advertisement.
Advertising your property
You can’t sell property in Dubai or anywhere else in the world if no one knows about it. To entice potential buyers, you must inform them and demonstrate what is for sale. Your real estate agent will handle the majority of the work, such as listing your property on online listing portals like Great Dubai and advertising in local newspapers, social media sites, and other platforms.
One of the most important aspects of marketing a property is how it is presented to the world. You must ensure that your Dubai property for sale looks good in videos, photographs, and 3D imagery used to advertise it. In addition, you will have potential buyers come in to view the property. The first impression is important, and following a few tips to sell property in Dubai can help. Prepare your home for a sale.
Signature Form F
Form F, also known as the Memorandum of Understanding (MOU), is the property sales contract signed by the buyer and seller. It includes all of the terms and conditions agreed upon by both parties, such as the price, property details, selling costs, names of parties, the transfer date, and other contact details.
You should know that a dated Form F is a legally binding contract once both the buyer and the seller sign it with the agent(s) as a witness. So, make sure you read it thoroughly and double-check the accuracy of all the information on it. The buyer makes the down payment as a commitment to the purchase when signing Form F.
Getting the NOC
To sell property in Dubai, you must obtain a No Objection Certificate (NOC). To complete the sale of property in Dubai, the Dubai Land Department requires a NOC from the property developer, in which the developer declares that the seller owes them nothing and thus has no objections to the sale.
Recap of the Documents Required Selling Real Estate in Dubai
The following documents are necessary for the complete process of selling property in Dubai:
- Form a real estate marketing
- Form F/MOU to sell property in Dubai.
- Original passports with valid visas are required to apply for a NOC. An original title deed is required to apply for a NOC and transfer property to the buyer.