If you’re searching to sell your property in Dubai, look no further than this guide. We round off the things you require to ensure a smooth process.
Here are few tips to selling your property In Dubai
PICK THE RIGHT AGENT FOR YOUR PROPERTY
In order to sell your property or Off Plan Projects In Dubai on the secondary market, you will require to enlist an agent. It is better to seek out an expert who has a superior understanding of the area that you live in. Luxhabitat’s niche lies in the high-end property situated in 12 areas of Dubai, including Al Barari, Arabian Ranches, Downtown Dubai, Emirates Hills as well as Palm Jumeirah.
If you’re looking to vend your property, then do contact a specialist here. Together with Luxhabitat, we will then lay out a marketing strategy for your property as well as aid valuation with market reports. Having an expert in real estate will ensure you may close a finest possible sale. You should sign an agreement with your broker to market the property. It is called a Form A. In order to market your property, signing off on Form A is mandatory. This form also describes the commission paid to the agent to sell your property.
MAKE SURE YOU HAVE THE ESSENTIAL DOCUMENTS IN PLACE
You have to contain Passport with UAE Residence visa as well as Emirates ID (if applicable).
SETTLEMENT OF MORTGAGE PAYMENTS, IF APPLICABLE
If your property is mortgaged, you require to request a liability letter (typically valid for 15 days) from your bank. The right agent will guide you accordingly. Once that is done, you require to obtain a NOC from the developer. Each developer has different criteria for a NOC which typically includes advance payments of service charges amongst other expenses. Please offer the documents from the checklist while applying. The NOC costs between 500 and 5,000 dirhams as well as are issued within 24 hours to seven working days. Some developers might charge extra to expedite this procedure.
After the developer issues the NOC, if the seller has finance, you would proceed to a Dubai Land Department’s trustee office in order to block the property into the buyer’s name. The trustee office will hold the buyer’s payments as well as issue a ‘Restrain property certificate.’ In the case that the buyer is mortgaging the property, then the buyer’s bank will settle the mortgage for the seller. If the buyer is not obtaining a mortgage, then the seller’s mortgage is settled directly.
TRANSFER OWNERSHIP AT THE DLD
You, the seller, the agents involved as well as the mortgage consultant (if applicable) will then need to go to a Dubai Land Department trustee office to initiate the transfer. Take your original passport with you, along with the original title-deed, clearance letter as well as Emirates ID in order to have the new title-deed issued in the buyer’s name. At the point of transfer, you will concurrently receive the payment. The applicable transfer fees are salaried at this point to the Dubai Land Department.