What is the procedure for selling property in Dubai? How can one successfully sell residential or commercial property in the region?
Selling property in Dubai involves a specific procedure that needs to be followed in order to ensure a successful transaction!
6/21/20232 min read
What are the steps to sell property in Dubai? How to sell residential or commercial property in Dubai?
Understanding the steps to sell property in Dubai and how to sell residential or commercial property is crucial for several reasons!
To sell a property in Dubai, whether it's residential or commercial, you need to follow a set of steps. Here's a general outline of the process:
1-Find a Real Estate Agent:
Engage a reputable real estate agent who specializes in buying and selling properties in Dubai. They can guide you through the process and assist with marketing your property.
2- Property Valuation:
Get a professional property valuation to determine the market price. This step is crucial in setting a competitive and realistic selling price.
3- Gather Necessary Documents:
Collect all the required documentation related to your property, including the title deed, passport copies, and any other relevant paperwork.
4- Appoint a Dubai Land Department (DLD) Registered Broker:
As per the Dubai Land Department regulations, both the buyer and seller must appoint a registered broker to facilitate the transaction. Ensure your chosen broker is registered with the DLD.
5- List Your Property:
Your real estate agent will list your property on various platforms, including online portals and their agency's website. They will market and advertise the property to attract potential buyers.
6- Property Viewings:
Coordinate property viewings with your real estate agent. They will arrange visits for interested buyers and provide you with feedback.
7- Negotiate the Sale: If a buyer expresses interest, negotiations will take place regarding the price and terms of the sale. Your agent will assist in reaching an agreement that satisfies both parties.
8- Draft the Sales Agreement: Once you've agreed on the terms, a sales agreement or Memorandum of Understanding (MoU) will be drafted by the buyer's agent or lawyer. This document outlines the terms, conditions, and payment schedule.
9- No Objection Certificate (NOC):
If the property you're selling is mortgaged or financed, you'll need to obtain a No Objection Certificate from the bank or financial institution to proceed with the sale.
10- Sign the Sales Agreement: Both parties (buyer and seller) will sign the sales agreement or MoU. It's advisable to have legal representation to review the document before signing.
11- Pay the Dubai Land Department Fees: The seller is responsible for paying the Dubai Land Department transfer fees, which are typically a percentage of the property's sale price.
12- Transfer of Ownership:
The buyer and seller, along with their agents, will visit the Dubai Land Department to transfer the property's ownership. The DLD will require all parties to present the necessary documents, pay the fees, and complete the transfer process.
13- Settlement: Once the ownership transfer is complete, the buyer will make the payment as per the agreed terms. The funds will be transferred to your account or via a manager's cheque.
14- Handover of the Property: Hand over the property to the new owner, including all keys and access cards, and complete any additional formalities required by the building management or homeowners' association.
Remember, the process may vary slightly depending on the specific circumstances and regulations. It's always advisable to consult with a qualified real estate professional or legal advisor to ensure compliance with all the necessary steps and requirements.
