How To Sell Your Property In Dubai
Want to sell your property in Dubai? People make it sound so easy, but it's not. You need to have complete knowledge and informational insights to start the process. This blog is going to help you learn the facts and legal information you need to know on how to sell your property in Dubai. The selling process of properties in the Gulf states requires your time and efforts, as you have to make extra efforts to find out the potential buyer, who is willing to pay the price you set.
Doing the real estate business in Gulf City, where new ventures are emerging every year and buying and selling of lands, property, and shares are being done daily, it is vital to get your hands on some basic information about the area where you are selling and some practical tactics to handle this trading of property smoothly and safely.
Dubai Real Estate Market
The real estate pool here is diverse and features a lavish lifestyle and exquisite style of commercial buildings. As this market is rapidly growing year by year, this fact is making Gulf states a perfect spot for getting profit for both international and local investors.
Before selling your property here, it's essential for you to understand current market trends and updates, especially when you don't know how to sell your property in Dubai without a broker. You need to understand how this property law works and how things are done here to gain maximum profits without putting yourself and your image at risk.
In the initial stages, the process is confusing, especially when business people want to invest, buy, and sell the property. As the real estate market is booming all over the world, especially in Dubai, people are looking to invest their savings to own a real estate business. If you're the one who is looking to invest but doesn't know how to start, then you're at the right place, we will be discussing each and every step on how to sell your property in Dubai.
- 1. Getting a Trustworthy Real Estate Agent
- 2. Property Marketing Form A
- 3. Finding a Potential Buyer
- 4. Singing Mou Form
- 5. Noc Form Required
Points to Consider Before Selling Out Your Property
To sell your property effectively and without any confusion, you should consider the following points.
- Evaluate your property price because overpricing can repel potential buyers. Look online for the relevant area prices, and you can also get help from a real estate agent in determining the selling price for your property.
- Keep all your legal documents in order, especially those required in selling property, like title deeds, fee slips, and NOC forms.
- Revamp your property place, whether a villa or apartment, make it presentable, and repair any missing, altered things in that place. Refinishing or repairing the property is a necessary step in the selling process. Buyers' first impression matters the most. After cleaning out the selling place, you can ask the buyer to visit the place, or you can send a video of your place; this will save you a lot of time, and it will increase your property value.
- Digital advertising for any business is necessary, and for real estate, you need to start posting ads of your property that you want to sell and run FB, Instagram, and YouTube ads to attract potential buyers. Follow a proper marketing strategy to get desirable outcomes. Seek out help and learn some tips from a marketing agency that specializes in the real estate business, their agents will help you in selling out your property in a short time and with good profit margins.
There are a lot of real estate agencies that are offering their services to investors and businessmen here in the Gulf state to make money and start their businesses.
5 Steps On How to Sell Your Property In Dubai
1. Getting a Trustworthy Real Estate Agent
When looking for an agent for marketing and managing your property in Dubai, you need to make sure that they are registered with the RERA Real Estate Regulatory Agency.
You are less likely to get scammed if you hire an agent who is enlisted in RERA Dubai.
RERA is known as a real estate regulatory agency that approves and allows only those agents who are legally allowed to do property business here. If the agent is RERA-approved, he is professionally trained and trustworthy.
Next time, if you hire a real estate agent, ask them for a RERA card.
You need real estate agents to help you out in selling your property digitally if you don't know how to sell your property in Dubai online. They will help you out in suggesting the best online platform and its legal process.
You might have doubts about how you will select the excellent and eligible agent out of the list of hundreds. To make your safe choice, consider the following criteria;
- Do they have real-time expertise in that specific area where you can sell your property? For instance, if you are selling your property near the Marina side then you will need an experienced agent who has a proven record of closing deals in properties in that specific area and nearby areas.
- Are they good at communication, or are you comfortable delivering your concerns to them? Communication is the key in any process; if they don't understand your point and area of concern, neither are you conveying your message to them quickly, there won't be any progress, and it will cost you a lot of time and money.
If your agent is evident in the aspects mentioned above and knows how to sell your property in Dubai for free and with great profit, they are good to go.
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2. Property Marketing Form A
It's an official document by RERA Authorities that is used to establish a formal agreement between the broker and the property seller, and it allows the broker to start selling the property according to the terms and conditions settled by both broker and seller. If you, being a seller, have no knowledge of how to sell your property in Dubai online, then by signing the contract, they can also start advertising your property to attract more buyers; this will make your process easier and quicker.
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3. Finding a Potential Buyer
After hiring a good broker, your next target is to find the potential buyer; the agent will provide you with a list of buyers and address the critical points. Ultimately, it will be your call to decide to whom you want to sell the property according to profit margin and personal preferences.
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4. Singing Mou Form
After the deal is done between you and the buyer, you will have to sign the form F known as MOU (Memorandum of Understanding). It is a sales contract in which the seller and buyer both agree on the following aspects
- price
- details of property
- selling cost
- Names and ID proof of both parties
- Date
You will have to sign a Form known as MOU (Memorandum of Understanding) after a deal is finalised between the buyer and you. It's your responsibility to thoroughly read the contract's terms, conditions, and other details to avoid any future conflict and miss conduct. After finalising the documents, the buyer has to pay the down payment on the property, this is a gesture that is a seal proof for the deal.
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5. Noc Form Required
To complete your sale process in UAE, you need to get an NOC, which is known as a No Objection Certificate. You need to submit this form to the Dubai Land Department, on which it is mentioned by the developer that the seller is free of any remaining debt and liabilities and is allowed to sell this property further.
Each developer has different charges for NOC. But the most known price range is 500 AED-500 AED. It takes up to 7 business days to get the documents issued.
The documents you need to apply for NOC ARE:
- Passport or residency visa or Emirates identification card
- A copy of F form
- Oqood or Title of Deed document
You will also need to transfer the ownership of the property to the buyer. You can do that in the nearest DLD trustee office with the other party, i.e. the buyer and the broker. The buyer has to pay the rest of the amount and the seller will pay the fee of the DLD. After it is done a new deed will be issued in the name of the buyer. The documents you need for a smooth transfer are mentioned below.
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- Deed copy
- A check for a 4% fee to the land department
- NOC form
- MOU form
- Any form of identification
Conclusion
Selling your property anywhere in the UAE is a daunting task. You need to follow all the legal aspects and criteria allocated by the Dubai Land Department. By following the steps mentioned above, you will have your property sold in weeks. We tried to break down this process into easy steps so you can start your property business quickly. Follow the legal protocols, choose a credible agent, and negotiate effectively, and you will close a successful deal quickly. Real estate business is booming in Gulf cities, and investors are spending their money in no time to get their business started here. Whether you are selling a villa or a modern apartment, this city has tons of opportunities for you to explore and make a profit.
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