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How To Sell Your House In Dubai

How To Sell Your House In Dubai

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).

We have helped several people invest a lump sum acquired from a property or business sale.

Introduction

Will this be your first time to sell your house in Dubai?

For a stress-free conclusion to what may be a difficult procedure, all you need is this guide on how to sell your house in Dubai. There are precise procedures to follow in order to sell property in Dubai, whether it’s your primary residence or investment property.

Selling your house is a thrilling experience and a high-profile task in a big market like Dubai. It is also a legal transaction that should be handled by specialists.

When you apply for our team’s help, you’ll be assigned a single point of contact throughout your sale, and to give you an idea of what happens, below are broad outlines of the selling process.

To begin, you must choose the appropriate price for your house. A seller may determine it on his own or through a book market evaluation.

A real estate agent would estimate a selling price that is realistic and takes into account the sales prices of the most comparable homes to yours in the area.

Sell Your House in Dubai in 10 Easy Steps

1. Pick a Good Real Estate Agent

Make sure the agent you use is registered with Dubai’s Real Estate Regulatory Agency (RERA) before you hire them to maintain and promote your apartment or sell a property.

Real estate business ethics guidelines established by the Dubai Land Department are adhered to by all RERA-approved real estate brokers in Dubai (DLD). To put it simply, this indicates that these agents conduct themselves with integrity, professionalism, and trustworthiness. What distinguishes a real estate agent who has received RERA approval? Get their RERA card by asking for it.

Which real estate agent in Dubai, out of the hundreds that have received RERA approval, is best for you? Consider the following factors when you try to respond to that:

  • Are they knowledgeable about your field of interest and an expert in it? For instance, if you want to sell your house in Dubai, particularly in Jumeirah Lake Towers, look for a real estate agent with a solid history of completing real estate transactions in the Jumeirah Lake Towers and surrounding locations.
  • Do you vibe together professionally? This is crucial because you want a real estate agent that presents the situation honestly, including all the good, bad, and ugly. Additionally, you ought to be able to express your worries to them and, when necessary, seek out expert counsel.

You are good to go as long as your Dubai property agent meets the aforementioned standards. The agent will walk you through the process, assist you in determining a reasonable selling price, develop a comprehensive marketing plan for your home, and assist you to sell your house in Dubai.

How To Sell Your House In Dubai
A Luxury Property in Dubai

2. Sign the Form A

Sign a contract with your chosen real estate agent as soon as possible. To legally order the agent to advertise and broker your property, you will require FORM A, one of the RERA forms. 

This form provides information about the property, the agent commission, service fees, payment schedules, the status of any mortgages, and listing information. Form A is submitted to the DLD’s Trakheesi system for approval after being signed.

Following approval, you are given a permit number so that you can continue advertising the property.

You must give your broker copies of the following documents in order for them to prepare Form A:

  • Title deed / Oqood in the case of an off-plan property
  • Passport with UAE Residence visa and Emirates ID  (if applicable)

3. Advertise Your Property

In Dubai or anywhere else on the globe, you cannot sell your house in Dubai without the public being aware of it. You must explain and display the items for sale if you want to draw in prospective buyers. 

The majority of the time, your real estate agent will handle listing your home on a website and handling any advertising in local publications, social media, and other platforms.

The way a property is presented—or how the public perceives it—is among the most important marketing factors. “Property staging” enters the picture here. Make sure the 3D renderings, films, photos, and other promotional materials for your Dubai real estate for sale look fantastic. 

In addition, prospective buyers will visit your home to see the property. First impressions matter, and following a few suggestions for selling real estate in Dubai might be helpful. Make your property sale-ready.

For potential buyers to find your house appealing:

  • It ought to be tidy.
  • Nothing should be cluttered.
  • To make it appear bright and spacious, let the light from the windows in.
  • Decorate it to make it aesthetically pleasing
  • Make any necessary repairs and adjustments.

4. Sign the Form F Once a Buyer is Found

When you find a buyer for your home and agree on a price, you must sign Form F with the buyer. The Memorandum of Understanding (MOU), sometimes referred to as Form F, serves as the legal agreement between the buyer and seller of the property.

It includes all of the terms and conditions that were agreed upon by the parties, as well as the price, information about the property, selling expenses, the names of the parties, the transfer date, and other specifics of the contract.

You should be aware that once both the buyer and the seller sign a dated FORM F with the agent(s) acting as a witness, the document becomes legally binding. Therefore, be careful to read it all the way through and confirm that all the information is accurate. The buyer additionally commits to the purchase by making the down payment at the time of signing FORM F.

If the buyer chooses to finance the acquisition with a bank mortgage, his bank will hire a professional property valuation firm to evaluate the property’s fair current market worth.

5. Settle Mortgage Payments (If Applicable)

You need to ask your bank for a liability letter (usually good for 15 days) if your property is mortgaged. You will be guided appropriately by the proper agent. You must obtain a NOC from the developer when that is finished.

If the seller has financing, you will go to a trustee office of the Dubai Land Department to block the property into the buyer’s name after the developer provides the NOC. If the buyer is financing the purchase, the buyer’s bank will pay off the mortgage on the seller’s behalf. The trustee office will keep the buyer’s payments and issue a “Restrain property certificate.” If the buyer does not get a mortgage, the seller’s mortgage will be paid in full.

How To Sell Your House In Dubai
A Property in Dubai

6. Get the NOC

A No Objection Certificate (NOC) is necessary if you want to sell real estate in Dubai. The Dubai Land Department requires a NOC from the property developer before the sale of real estate can be finalized. In this document, the developer certifies that the seller owes them no more money and that they have no objections to the transfer.

The requirements for a NOC vary according on the developer, but they often entail paying service fees in advance among other costs. When applying, kindly include the paperwork from the step 2 checklist. The cost of the NOC ranges from 500 to 5,000 dirhams, and it is delivered in 24 to 7 working hours. If you want this process accelerated, certain developers may charge more.

The NOC fee increases the cost needed to sell your house in Dubai. The time it takes to issue one ranges from five to seven working days. The following papers are needed to apply for the NOC:

  • The Title Deed/Oqood (for off-plan properties)
  • Your Emirates ID or passport with a valid residency visa
  • Copy of FORM F

The cost of the NOC ranges from 500 to 5,000 dirhams, and it is delivered in 24 to 7 working hours. If you want this process accelerated, certain developers may charge more.

How To Sell Your House In Dubai
Arabesque Property in Dubai

7. Ownership Transfer at Dubai Land Department

The transfer must then be started by you, the seller, the agents involved, and the mortgage consultant (if required) visiting a trustee office of the Dubai Land Department. Here, the following are expected to complete the following:

  • The remaining balance of the purchase price will be paid by the buyer.
  • The seller will pay the DLD for the transfer fees.
  • Get the new Title Deed issued in the buyer’s name.

You must have the following documents with you to guarantee a seamless ownership transfer process at DLD:

  • Form F (MOU)
  • NOC from developer
  • Copy of the title deed
  • A cheque to the seller (for the balance amount of the purchase price)
  • A cheque to Dubai Land Department (typically for the 4% transfer fee)
  • Original passport, visa and Emirates ID (buyer and seller)

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Adam is an internationally recognised author on financial matters, with over 748.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

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