Selling a property in Dubai can be daunting and frustrating because of the surge of supply in the Real Estate market but being equipped with the right knowledge, tools and advice can eventually lead you to the rightful buyer despite the current circumstance.
Follow this guide to ensure a smooth process:
- Request for a Property Appraisal
To get started, you first need to identify at which price your property would sell. Getting in touch with a Property Expert will help you find out how much your property worth in today’s market. Take advantage of our Free, No Obligation Property Appraisal. Call us at +971 50 210 1700 or request by filling up this form.
- Pick the Right Agent
Once you have an idea of your Property Value, you will need to list your property with an experienced RERA certified Real Estate agent to stand out on the competitive secondary market. It is essential to find a specialized real estate agent who has an in-depth understanding of market trends, pricing strategies and local real estate history so he or she can position your listing on the frontline.
- Signing an Agency Agreement
Once you have decided to list your property with your preferred agent, you must sign an agreement with your broker to market the property. In order to market your property, signing Form A is mandatory. During this period, you will need to prepare all the necessary documents in place. In order to prepare the Form A, you must provide your broker with copies of: 1) Title deed / Oqood in the case of an off-plan property 2) Passport with UAE Residence visa and Emirates ID (if applicable).
- Marketing Your Property
When you list your property with the right agent, the burden of marketing your property will be off your shoulders. When you list your property with us, you will reach the right potential buyers worldwide using our tried and tested integrated marketing approach and best internet presence. In addition to that, all our Exclusive Listings are advertised with Wealthin 360 (Immersive 360-degree virtual property tours) to make every listing accessible to overseas buyers. See our Listing Packages at https://wealthinproperties.com/listing-packages/.
- Agreeing to Sell
When a buyer for your property is found and a price is agreed upon, you will need to sign a Form F with the buyer. The Form F outlines the details and conditions of the sale between the buyer and seller. Upon both parties signing the contract the buyer will pay a deposit, which is held by the Broker, on behalf of the seller until the day of completion/transfer.
- Transfer of Ownership Title
The last and final stage of the selling process is the transfer of ownership and title from you to the buyer which takes place in the Dubai Land Department or the Master Developers’ Offices.
Documents RequiredIndividual Seller:
- Passport with UAE Residence visa or/and Emirates ID
- Original title deed
- NOC fees – these can range between AED 500 and AED 5000 and are payable to the developer, usually by the seller. Certain developers also charge a refundable deposit upon the buyer which is only refunded when the buyer presents the new title deed at the developer’s office and their records are updated.
- Real Estate Agent’s commission is 2% of the purchase price.
- Transfer fees – these are calculated at 4% of the purchase price with an additional amount paid towards admin fees which currently is not in excess of AED 5000 and is paid to the Dubai Land Department.
- Developers ask for their annual service charges to be paid in advance and buyers should therefore account for their proportional share upfront.
Frequently Asked Questions for Sellers
The entire selling process will take at least six weeks, once you have an agreed buyer.
You can find out the value of your property through your real estate agent who can provide you with a comparative market analysis. We offer free appraisal services to our clients. Simply request and one of our in-house appraisers will process your Complimentary Property Appraisal request and send within 24 hours*.
It is generally based on a comparative market analysis and the seller’s needs.
The property should be in a good and clean condition. Make necessary repairs, paint walls, eliminate bad smell, etc. as the condition of the property reflects on the price.