This guide to selling property in Dubai has everything you need to guarantee a successful conclusion of what can be a difficult process. Whether you want to sell your investment property or your flat in Dubai, there are certain processes to selling property in Dubai that you must take.
- Find a Real Estate Agent
When hiring a real estate agent to maintain and promote your apartment or sell a property in Dubai, be sure they are registered with the Real Estate Regulatory Agency (RERA). They will provide advice and insight into the Dubai property market as well as the location in which you are selling. They will give you with market evaluations and show you the pricing of previously sold houses.
- Form A
When you find a real estate agent, sign an agreement with them and you will need FORM A which is one of the RERA forms.
- Market/Advertise your property
Sell your property by advertising to people about it. Presentation on online is important. What’s in the reality should be exact the same thing that is posted online. So make sure that everything looks good in the videos and photographs in that way you can attract potential buyers.
- Buyer and Seller agreement terms
When a buyer is found, both parties must sign a memorandum of understanding (MOU) also known as FORM F. The buyer will additionally pay a 10% security deposit on the property.
- No Objection Certificate (NOC)
To sell property in Dubai, you must first get a No Objection Certificate (NOC). To finalize the sale of property in Dubai, the Dubai Land Department requires a NOC from the property developer, in which the developer confirms that the seller owes them nothing and hence has no objections to the transaction.
- Transfer of ownership at DLD
The Last Process of selling property in Dubai is to transfer ownership. The Dubai Land Department will need payment of the purchase price in the form of a manager's check made payable to the seller on the transfer day, as well as managers cheques for the DLD's 4% transfer charge and an admin fee not exceeding AED 4,000. A new title deed will be issued in the buyer's name after the procedures are fulfilled. The buyer will also settle any overpaid service costs with the seller on a pro-rata basis at this time.