Property Selling Guide
IF YOU HAVE DECIDED TO SELL YOUR PROPERTY, YOU SHOULD BE AWARE OF THE TIME FRAMES AND THE DOCUMENTATION THAT WILL BE NEEDED FROM YOU.
STEP 1: FIND A SELLER’S AGENT TO REPRESENT YOU
Finding an agent that will help you market and sell your property is critical. Be sure that the agency has a vast means of advertising: online, in print and in their website. You should also feel comfortable with your agent, as you will need to rely on him to represent your best interests.
STEP 2: PRICE YOUR PROPERTY
Your agent will provide you with the market analysis of properties similar to yours: what is being advertised, what has sold, and for what price. With the guidance of your agent, you will be able to set a realistic price for your property. Remember that the advertised price is usually NOT the price a property sells for.
STEP 3: THINK ABOUT EXCLUSIVITY
The Dubai property market is dynamic and to get the best deal our agents need to know your budget, when you want to move into the property, whether you are purchasing with cash or finance, and whether the property is an investment or for your own use. The significance of this information is often properties are sold with a sitting tenant in Dubai, and if the purpose of the purchase is for an investment, this can be a bonus. Obviously our agents are aware of the current rental market and can advise you on whether you will be getting an attractive market return on your investment.
STEP 4: CONSIDER THE TIME FRAMES REQUIRED
For a cash seller with a cash buyer, the process can be completed within 7-10 days, but when finance is involved, it can take up to 2 months.
STEP 5: ACCESS TO PROPERTY
Be prepared to show your property, or ask the tenant to allow access, as most of the buyers do require a site-visit prior to committing to the purchase. It is much easier to sell a property that can be shown at least once a week.
STEP 6: PAPERWORK
Prepare all the paperwork that will be required for the sale: Title Deed (if you do not have one yet, apply for it at the earliest), affection plan, passport, maintenance fees receipts, DEWA bills, cooling bills, tenancy agreement if applicable.
STEP 7: PAYING OFF MORTGAGE
If you have a mortgage with a bank, then you will need to apply for a Liability Letter, which will show the total outstanding amount on the property. The Buyer/Buyer’s bank will clear off your mortgage, and after that the Clearance Certificate and all the security documents will be released.
STEP 8: NOC APPLICATION
The buyer and seller will go to the developer’s office to apply for No Objection Certificate (NOC) to be submitted to the Land Department. This ensures that all the outstanding maintenance fees have been paid off, and that there are no loans/claims against the property. This will take up to 7 working days.
STEP 9: TRANSFER OF OWNERSHIP
The transfer of ownership takes place in the Dubai Land Department. You will get any additional funds for your property there via Manager’s Check, at the same time as the Title Deed gets transferred to the new owner.