Step-by-Step Guide to Selling
Real Estate in Dubai
1. Property Presentation
The way your property looks has a significant impact on attracting potential buyers and securing a good price. Prioritize making repairs, touching up paint, cleaning thoroughly, and maintaining any outdoor areas (for villas). A well-presented property fosters an emotional connection with buyers and helps justify your asking price.
2. Market Appraisal
Consult with a real estate agent for a professional appraisal of your property. This will help establish a realistic asking price based on your property type, location, and current market conditions. Online resources like DXBinteract.com also offer valuable market data to help with pricing decisions.
3. Listing Your Property
Before listing your property, sign a Form A (Contract A) with your real estate agent, as required by the Dubai Land Department. Also provide a copy of your title deed/Oqood and passport/Emirates ID. Your agent will then apply for a marketing permit to advertise the property.
4. Marketing Your Home
Effective marketing is essential for a timely sale. Professional photos, detailed descriptions, and premium features on property portals maximize exposure. Your agent should utilize social media and email campaigns for additional reach, ensuring widespread visibility of your property listing.
5. Property Showings
Your agent will schedule and manage viewings with potential buyers. They’ll not only show the property but also provide valuable information and answer questions, facilitating negotiations on your behalf. Ensure your agent has easy access to the property for seamless viewings.
6. Agreement of Terms
When a serious buyer emerges, you and the buyer will negotiate the price and terms of sale. Your agent plays a crucial role here, supporting negotiations and securing the best possible deal. Sometimes, a 10% deposit from the buyer reinforces their commitment. Once an agreement is reached, both parties sign a Memorandum of Understanding (MOU or Form F), typically followed by a 10% security deposit held by the agency.
7. Mortgage Considerations
If your property is mortgaged, the buyer must settle the outstanding mortgage before the NOC can be issued. Initiate this process with your bank early on (when signing the MOU) to obtain a liability letter, which can take up to two weeks. Coordination between the buyer’s and seller’s banks helps ensure a smooth transfer.
8. NOC Application
All parties involved meet at the developer’s office to apply for a No Objection Certificate (NOC), a prerequisite for selling the property. Ensure all outstanding service charges or installments are paid in full. The developer will charge an NOC fee (typically AED 500-5000 plus VAT). Some developers may require a physical property inspection.
9. Utilities Disconnection
Contact utility providers (like DEWA) to arrange disconnection as soon as the transfer date is confirmed. Proactive disconnection prevents delays and extra charges.
10. NOC and Property Transfer
Once the NOC is issued, all parties proceed to a Dubai Land Department trustee office for the official transfer of ownership. The buyer pays the purchase price with a manager’s cheque and settles fees (4% transfer fee plus admin fees). The DLD issues a new title deed in the buyer’s name, and any prepaid service charges or rental amounts are settled between buyer and seller on a pro-rata basis.
Finally: Hand Over Keys and Access Cards
With ownership transfer complete, the final step is handing over all keys and access cards to the new owner.
