Sign a Form A (a commitment between seller and real estate broker) in which seller and broker can agree on price of property based on recent similar property transaction and reviewing some market analysis, agency fees, property financial or Occupancy Status and further all terms and conditions.

This contract will be based on particular time given by seller to agency for selling that particular property. Although the given price on Form A is not a final price. The Final price can be above or below the agreed price in Form A by seller.

Step 2: The Broker will carry out a market appraisal

The real estate broker will come to your property to carry out a market appraisal (or will arrange a virtual meeting). Pick the right price. Look at similar Dubai freehold property for sale in the same neighborhood over the past quarter. Pricing your home appropriately from the beginning is key to getting it sold quickly. Overpricing and then dropping the price several times usually leads to Dubai residential property for sale selling at a much lower price than what you set out to sell it for. Most importantly, do not base the price on what you paid for your home, your remaining mortgage payments or the profit you need to make to buy another house.

Step 3: Sign Form A with broker

Marketing will have a deep impact on your house’s final sale price, so discuss your marketing plan in detail with your agent. Simply sticking a “For Sale” sign and running an ad in the papers for your open house may not cut it. From running a promotional blitz to printing materials such as flyers that buyers can take home to featuring your listing on numerous websites such as ours and posting bespoke photographs and virtual tours online, agents will give your Dubai residential property for sale the leg up it needs to stand out.

Step 4: The Real Estate Agency will start advertising of your property

Step 5: When Real Estate Agency will find a qualified buyer who is ready to pick our property

Form F or A Memorandum of Understanding (MOU) signing will be the next step in which a cheque of 10 percent deposit will be handed over by interested buyer under the name of seller to registered real estate broker while signing Form F (MOU).

Note: What is MOU? how to sign digital Form F (Memorandum of Understanding)? For more information Click here

The parties then meet with the developer to apply for a No Objection Certificate (NOC) to sell the property. The NOC is issued against payment of a fee once the developer knows that all service charges have been settled in full. If the seller has a mortgage on the Dubai residential property for sale, And Buyer is buying through bank mortgage as well, then the buyer bank will be needed to settle the seller’s mortgage to seller's bank in full prior to applying for the NOC. (In case of cash payment from the buyer, all settlement will be done on the day of property transfer)
Normally NOC Process take 7 to 21 days after submission NOC request to the Developer or Building Owner Association

Note: If you want to learn more about what is form A exactly and how to sign. click on the link

Step 6: After Signing the MOU Next Step is NOC (No Objection Certificate)

Once the NOC is issued, the parties will be able to go to the Dubai Land Department (DLD) or nearest trustee office to officially transfer ownership.

Here, the purchase price has to be paid in the form of a manager’s cheque payable to the seller on the date of transfer. Then, a new title deed will be issued in the buyer’s name. If the buyer is purchasing Dubai freehold property for sale with the help of a mortgage, then the bank will need to be involved.

Step 7: Finally the day of transfer

Have a property you’d like to list for sale? Click here to get started!

Feel free to write Lone Wolf Real Estate in case you have any kind of property inquiry.