Placing high priority on the best presentation of your property (making the property look as presentable as possible) gives you the best chance of selling in a timely and profitable manner. This increases your chances of getting offers and the highest possible price for your property. We recommend that you make sure any cracks, defects or maintenance issues are dealt with before listing your property. We also recommend that you invest in a fresh coat of paint if need be and a full clean of the property along with ensuring that you have a tidy garden, if it is a villa. Buyers don’t always have the best imagination and are not seasoned investors like sellers so triggering that emotional connection with the property is key. Buyers may not realize how minor certain works are so its better to get them out of the way in order to showcase your property in the best way possible.
Your real estate consultant will come to your property to carry out a market appraisal. Proper pricing of the property will have the most influence on selling your property, so getting it right is key. Our agents will carry out a study to give you guidelines on pricing based on development, location and property type, along with planning a strategy for the best possible sale of your home. Our online tools from DXBinteract.com will arm you with the knowledge you need to make a well-informed decision when it comes to pricing with actual facts about recent transactions, rental information, and more.
In order to list your property, you will be required to sign a Form A or Contract A by the Dubai Land Department share a copy of your title deed/oqood and passport/emirates ID. Form A is a contract between seller and broker outlining all the terms and must be in place by law in order to sell or market any property in Dubai. The broker will apply for a marketing permit in order to advertise.
Marketing your home right is very crucial in order to get a sale. Roughly 70% of homes sell in their first 4 weeks of coming onto the market. Professional photos and descriptions in listings that are made premium and featured on all available portals will secure to get the widest audience possible. We also generate leads from social media and email campaigns with extended smart reach. This leaves no stone unturned in promoting your property to its fullest extent. Having the right agent who has access to and understands the dynamics of the different marketing channels is key. Many online marketing portals have premium paid tools to help boost exposure and get more eyeballs on the ads.
Your property consultant will arrange for viewings of the property with potential buyers. As an industry specialist, your agent will not only show the property, but be able to offer information and answers to questions about the property, community, price, and all related factors around selling your property. Your agent will report back to you on solid leads, and facilitate negotiations on your behalf (and with your blessing on price range) with potential clients. Giving easy/unrestricted access to the agent is imperative in order to achieve the desired results. The worst thing that could happen is if the agent turns up to the property with a buyer only to find out that the key doesn’t work or the security hasn’t been informed. Making sure the agent has all the necessary documentation to conduct viewings will make sure your property gets the most traffic through the door. This will also make the buyer’s experience more smooth.
Once there is a serious buyer, both parties would agree on the price and terms by way of negotiation through the agents. This is where a skilled agent is required to build a case for the buyer and seller to agree on a price based on facts and data trends. Sometimes providing a 10% deposit check as an offer can help prove how serious the buyer is. Once agreed, both parties will be required to sign a memorandum of understanding (also known as an MOU and Form/Contract F). This contract may also be generated and signed electronically online by SMS and OTP to eliminate printing and scanning. The buyer will usually issue a 10% security deposit against the property which is usually held with the agency until the time of transfer in exchange for the full payment to the seller. Make sure the agency or their sales progression/conveyance department is clear on the timeline and steps to transact by providing a detailed schedule of what to expect and when during the process in order to avoid any unanticipated surprises.
The buyer will be required to settle the seller’s mortgage prior to the NOC being issued. This will require the bank’s involvement. To save time with this step, we recommend starting the process with your bank or lender the day you sign an MOU. They will issue a liability letter upon request. This can take up to 2 weeks with certain banks. If the buyer paying cash, there is a process to block the property at the Dubai Land Department Trustee office in order to protect the buyer clearing the seller mortgage. If the buyer is planning to obtain finance, the buyer’s bank will coordinate directly with the seller’s bank to facilitate the process smoothly.
All parties will meet at the offices of the developer to apply for a No Objection Certificate (NOC) to sell the property. Some developers allow online applications. The developer will check if there is any amount due to in the form of service charges or installments which must be cleared in full. The developer will accept the NOC application against payment of a fee of usually between AED 500-5000 plus VAT which is the maximum allowed by law. This depends on the developer and whether the property is ready or off plan. Some developers in certain communities will physically inspect the property for any modifications made to the property which must have the required approvals as per their respective developer’s guidelines. Usually someone from the developer’s office will come and view the property once an NOC is applied for. If all is in order, they will issue the NOC. If not, they will inform the seller of any modifications which need to be rectified by obtaining approvals or restoring the property back to its original state. Certain developers will also require a refundable deposit made by the buyer that is only returned once the buyer presents the new title deed at the developer’s office to ensure that their records are updated. (Processing usually takes up to 5 working days but can be much longer depending on the type or property, developer, and community).
Speak with your utility providers such as DEWA (Dubai Electricity and Water Authority) and start the process of disconnection. By now all parties should know a date for transfer and finalizing. Doing so promptly can save any further delays should they arise. This can usually be done online and takes 24-48 hours.
Once the NOC is issued, all parties are able to go to the trustee office of the Dubai Land Department to officially transfer ownership in exchange for payment. The DLD will insist on the payment of the purchase price in the form of a manager’s cheque made payable to the seller on the date of transfer, along with manager’s cheques for the 4% transfer fee and an admin fee not in excess of AED 4,000 plus vat for ready properties above 500,000 AED or 5000 plus vat for off plan properties. The fees are slightly lower for lower ticket properties. Once formalities are completed, a new title deed will be issued in the name of the buyer. At this time, the buyer will settle any prepaid service charges or rental amounts with the seller worked out on a pro rata basis.