Your place real estate logo
Selling Your Property in Dubai

A Complete Guide to Selling Your Property in Dubai

Selling Your Property in Dubai

 

When selling property in Dubai, there are many factors to consider, and working with the correct agent to guide you through the sales process is important. Your Place Real Estate is a reputable agency with extensive local knowledge who has assisted clients in selling property in Dubai for many years.

 

Images & Property Presentation

Not only will presenting your property in the greatest light help you sell it faster, but it will also affect offers and returns on investment. Make sure your gardens are neat and tidy, paint your property, put flowers on show, and invest in a deep clean or thorough tidy.

 

Property Market Appraisal for Sale in Dubai

One of our consultants will conduct a market appraisal on your property and advise on the achievable sales price as well as the strategy for selling your property, as they are always informed of variables impacting Dubai property prices. It is best to select a reasonable pricing.

 

Promoting your property via a variety of channels

Your Place, one of the top real estate brokers in Dubai, will advertise your property through a variety of channels to reach as many potential buyers as possible.

  • Specialized photography
  • Video in 360 degrees
  • A comprehensive virtual video tour of a property
  • Website for your place
  • Website listings on well-known regional real estate directories including PropertyFinder, Bayut, and others
  • Banners
  • Press releases and pamphlets
  • On social media

 

Steps for selling a property in Dubai

  • Terms are agreed upon by the buyer and seller.
  • The signing of an MOU and payment of a deposit, typically 10%, are both required.
  • In order to apply for a No Objection Certificate (or “NOC”) to sell the property, the parties meet at the developer’s offices.
  • Once the developer is satisfied that any sum owed to the developer in the form of service costs has been settled in full, the developer will often issue the NOC in exchange for the payment of a fee.
  • The parties can proceed to the Dubai Land Department’s office to formally transfer ownership after the NOC is issued.
  • On the day of transfer, the Dubai Land Department will require that the purchase price be paid in the form of a manager’s check payable to the seller.
  • After all the processes are finished, the buyer will receive a new title deed.
  • The bank will need to become involved if the buyer is paying with a mortgage.
  • The buyer must pay off the seller’s mortgage in full before submitting the NOC application if the seller has a mortgage on the property. Due to this, the buyer is exposed to greater risk, which makes the deal more challenging.

 

Costs Associated:

In general, the following costs will be incurred when buying or selling real estate in Dubai:

  • NOC costs are paid to the developer, typically by the sale, and can range from AED 500 to AED 5,000.
  • Several developers will additionally charge the buyer a refundable deposit, which they will only release after receiving the new title deed and updating their records.
  • The commission paid to real estate agents is 2% of the buying price.
  • Transfer fees are determined at 4% of the purchase price, with an additional sum that is paid to the Dubai Land Department for administrative costs, which is currently not more than AED 5,000.
  • Mortgage registration fees are calculated and paid to the Dubai Land Department at a rate equal to 0.25% of the registered loan amount, if applicable.
  • Buyers should pay their pro rata part up front because developers require payment for their annual service charges in advance.

 

Documents necessary for each seller:

Individual sellers:
  • Original passport
  • Original title deed

 

For business sellers:
  • Original title deed.
  • Original incorporation certificate or business license
  • The articles of association and memorandum have been translated legally.
  • Authentic certification of standing (not more than 3 months old – 5 days old if onshore corporate seller).
  • Authentic certificate of vacancy (not more than 6 months old) an image of the shareholder’s passport (s).
  • Original decision approving the transaction (as the case may be) Original power of attorney Original passport of the attorney.

 

More Blog:

Tips for a Stress-Free Expat Move to Dubai

STAY IN TOUCH:
More Posts

Send Us A Message

AR

AR is a word at heart, despite being a minimalist at heart. He is always looking for new topics to write about.

This Blog is provided solely for educational reasons, including broad information and a general comprehension of its content, including related laws and regulations, and is not intended to give particular legal advice. The Blog is not intended to replace competent advice from a registered expert.

WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, how can I help?

Menu