SELLERS GUIDE

Here's a step by step guide to take you through the process...

1. Enhancing the Appeal of Your Property.

To expedite a profitable sale, it's crucial to present your property in its best possible light. Attending to any maintenance issues, defects or cracks before listing your property could greatly boost its appeal. A fresh paint job, thorough cleaning, and well-maintained garden (for villas) could further enhance the property's attractiveness. It's important to remember that buyers may not always envision the potential of a property like a seasoned investor would. Therefore, creating an emotional bond between the property and potential buyer is key. Addressing minor issues upfront can help present your property in the most favorable light.

2. Conducting a Market Evaluation.

A consultation with your real estate agent to appraise the market value of your property is a critical step. The price point is a key determinant in selling your property, hence it's crucial to get it right. Our agents will conduct a comprehensive study to provide pricing guidelines based on the development, location, and property type. In addition, they will devise a strategy for an optimal sale. Our online tools from DXBinteract.com equip you with the necessary knowledge to make informed pricing decisions based on recent transactions, rental information, and more.

3. Putting your Property on the Market.

To list your property, you'll need to sign a Form A or Contract A as stipulated by the Dubai Land Department. You'll need to provide a copy of your title deed/Oqood and passport/Emirates ID. Form A is a legally required agreement between the seller and broker detailing all terms of the sale. The broker will then apply for a marketing permit for advertising purposes.

4. Promoting your Home.

Effective marketing is crucial to secure a sale. Approximately 70% of homes are sold within the first month of being listed. Optimizing the reach of your property involves making use of premium listings, professional photos, and descriptions on all portals. In addition, generating leads through social media and email campaigns can expand your reach. Having a competent agent who understands various marketing channels is vital. Many online marketing platforms offer premium paid tools to enhance exposure and increase visibility.

5. Presenting the Property to Potential Buyers.

Your property consultant will schedule viewings with potential buyers. As a specialist, your agent will be able to provide detailed information about the property, community, price, and other relevant factors. They will report back to you with promising leads and handle negotiations (subject to your approval on price range) with potential clients. Providing the agent with unrestricted access is critical to achieving the desired results. Ensuring that the agent has all necessary documentation to conduct viewings will ensure a smooth buyer experience.

6. Negotiating Terms between Seller and Buyer.

Once a serious buyer has been identified, both parties will negotiate the price and terms via the agents. A skilled agent can facilitate agreement on a price based on data trends and facts. A 10% deposit check from the buyer can often demonstrate their commitment. Following agreement, both parties will sign a memorandum of understanding (also known as an MOU or Form/Contract F). This can be done electronically to simplify the process. At this stage, the buyer usually issues a 10% security deposit, which is held by the agency until full payment is made to the seller. It's important for the agency or their sales progression/conveyance department to provide a clear timeline and steps to avoid surprises.

7. Considerations for Mortgage Sellers.

If you have a mortgage on your property, the buyer will need to settle this before the NOC is issued. Involving your bank early in the process, ideally from the time the MOU is signed, can expedite this. Your bank will issue a liability letter upon request, which can take up to two weeks with certain banks. If the buyer is paying cash, there's a process to secure the property at the Dubai Land Department Trustee office. If the buyer is obtaining finance, their bank will liaise with your bank to ensure a smooth process.

8. Applying for the NOC.

All parties will apply for a No Objection Certificate (NOC) to sell the property at the developer's office. Online applications may be available with some developers. Any outstanding service charges or installments need to be settled in full. The application for the NOC requires a fee of AED 500-5000 plus VAT. Some developers may conduct a physical inspection of the property to check for any modifications that require approval. If everything is in order, the NOC will be issued. Any necessary modifications will need to be approved or the property restored to its original condition. Some developers may require a refundable deposit from the buyer, returned once the new title deed is presented at the developer's office.

9. Organizing Utility Disconnection.

Engage your utility providers, such as DEWA (Dubai Electricity and Water Authority), to initiate the disconnection process. This should be done promptly to avoid any delays. Typically, this process can be done online and takes 24-48 hours.

10. Receiving the NOC.

With the NOC in hand, all parties can proceed to the trustee office of the Dubai Land Department to finalize the transfer of ownership in exchange for payment. The DLD requires payment in the form of a manager's cheque made out to the seller, along with separate cheques for the 4% transfer fee and an admin fee not exceeding AED 4,000 plus VAT for ready properties above AED 500,000 or AED 5,000 plus VAT for off-plan properties. Lower fees apply for properties with lower values. Once all formalities are completed, a new title deed will be issued in the buyer's name. At this point, any prepaid service charges or rental amounts will be settled between the buyer and the seller on a pro rata basis.

11. Handing Over the Keys and Access Cards.

The final step in the process is the handover of keys and access cards to the new owner. This is a significant moment marking the completion of the sale and the beginning of the buyer's ownership. It's crucial that all sets of keys, access cards, and any other means of entry to the property are accounted for and handed over to the buyer. Additionally, provide the buyer with any necessary instructions or information about the property's security systems to ensure a smooth transition. It's recommended to conduct this handover in person to answer any immediate questions the new owner might have and to ensure that everything works as expected. This also provides a chance for you, as the seller, to formally say goodbye to your property and wish the new owners well.