There are several aspects to take into account while selling your property in Dubai. To enable a hassle-free real estate transaction, we have compiled this brief seller’s guide so that you can easily navigate the journey of selling your property:
The documents you’ll need to start the process of selling your property are:
– Original Passport and a copy
– Original Power of Attorney document (if applicable)
– A Valid Visa copy (resident/tourist)
– A Valid Emirates ID copy (resident)
– Original Title Deed and a copy
All copies will need to be attested by the UAE embassy.
You will need to apply for and obtain:
Memorandum of Understanding (MoU)
a contract of sale underlining the terms and conditions of the agreement between the buyer and the seller. This includes and is not limited to property details, selling price and transfer date. No Objection Certificate (NOC) – This is a document issued stating that there is no objection from the developer of the property – any debts and liabilities in the seller’s name will need to be cleared to obtain this document.
Transfer of Title Deed
After the NOC has been granted, both parties need to be present at the Dubai Land Department to finalise the paperwork and proceed with the payment. If one of the parties is unable to be physically present, they can award power of attorney to an appropriate individual. The location of the transfer of the title deed has been outsourced to the Registration Trustee offices situated throughout Dubai. At the office, a mandatory AED 4000 fee is applicable for the completion of the sale. Both parties then provide signatures to officially transfer the title deed in the name of the buyer. At this stage, the deal is complete.
Procure an Appraisal:
Step 1. The first step in the sale of the property is to ascertain its value. At Nexus Point, we can help provide you with an accurate and trustworthy property appraisal to ensure you receive the best deal possible. Through this step, you will gain insight into the state of the real estate market at the time of the appraisal and the position of your property within the spectrum of the market.
Choose an agent:
Step 2. The next and most important step of the process is to choose an agent to facilitate the sale. When deciding on which agent you want to assist you, the key factor to consider is trust. At Nexus Point, our priority is to attain the best deal for our clients and demonstrate empathy for their needs. The professional and expert advice you will receive from the agents at Nexus Point is unmatched; we will aid you to sell your property at your own pace.
Get your Property Ready:
Step 3. It is your responsibility as the owner of the property to get it ready for viewings. As a general rule, if you are living in the property, you should:
- Declutter the environment
- Open windows to let in natural light
- Add fresh flowers and plants
- Keep private items out of the line of sight
If your property is vacant:
- Deep-clean the property
- Paint the walls
- Confirm that the utilities are working
Step 4. After the property is ready for viewings, your agent will proceed to list the property on various real estate websites to attract potential buyers.
Step 5. A key step in this process that can decide the speed at which your property is sold is marketing. At Nexus Point, our dedicated in-house marketing team has a keen understanding of the real estate industry and deliver the most effective strategies for lead generation.
Step 6. Once the word is out there, the next step is to have your agent schedule viewings. It is essential to have the property ready for viewings at all times of the day. Agents from Nexus Point will arrive earlier than clients and will make sure that the property and its interiors are presentable.
Accepting an Offer:
Step 7. Your agent will convey all the offers made on your property. It is then up to you to decide which offer best suits your needs; your agent is always available to assist you in the decision-making process.
Agreement of Sale:
Step 8. After accepting an offer, your agent will arrange for a Memorandum of Understanding (MoU) to be drawn up - an MoU is a formal document that outlines the agreed-upon details of the sale between the buyer and the seller.
Procurement of Documentation:
Step 9. If your property was purchased using a mortgage, the next step is to request a liability letter from your bank that states that you have repaid the mortgage and you are clear of all debts. Once this is done, you need to procure a No Objection Certificate (NOC). The Certificate is only granted after a fee is paid and the documentation is checked. The NOC can cost between 500-5000 dirhams.
Transfer of Title Deed:
Step 10. After all the documentation is ready and signed - all parties involved need to make their way down to a Registration Trustees office in Dubai to initiate the transfer of the title deed into the buyer’s name. At the moment of transfer, you will receive the payment.
At Nexus Point, our in-house marketing team is equipped with the latest knowledge of the real estate industry. Our team markets properties with the most effective methods to generate leads for potential buyers who want to view your property.