Procedure to sell your property in Dubai (UAE)
Appointing a licensed agent who is well aware of the national and overseas market is the first step one has to take for there are many factors to be taken into account while selling your property and we do the needful gracefully as we suggest you various steps to ensure your property is sold to the right person at a right time and most important at a right price of which initially we present your property in the best possible manner, secondly setting a realistic price for the same simultaneously working on the strategy.
Apart from these a hectic exercise is carried out coming out with the best professional photographs, videos, posting the same in national and overseas property portals, leaflets, banners, E – brochures and manual as well and thorough repeated advertisements.
The Modus Operandi
Both the buyer and seller come to a mutual understanding whereupon a MOU is signed and a token is given, a NOC is presented after a thorough check ensuring that all the dues are cleared and the Developer issues the NOC against a certain fee and then the official transfer ownership process takes place once the formality is over whereupon a fresh title deed in the name of the buyer is issued.
Documentations and other Miscellaneous Expenses
Documentations depend on the type of the seller i.e. Individual Seller and Corporate Seller. Individual Seller should have a valid Original Passport and an Original title deed besides other useful documentations. For Corporate Seller the mentioned documents are to be produced:
As regard to the fees anything between AED 500 to AED 5000 are paid usually by the seller to the developer. 2% of the amount of the purchase price is to be paid as Real Estate Agent’s Commission whereas 4% of the purchase price being the Transfer Fees to be paid to the Dubai Land Department against Admin Fees.
If the buyer is purchasing with a mortgage then the bank’s involvement will be required. If the seller has a mortgage on the property the buyer is required to settle the seller’s mortgage in full prior to the NOC application. This increases the risk for the buyer and means the transaction is more complicated. If mortgaging process is done 0.25% of the registered loan amount is to be paid to the Dubai Land Department. Last but not the least annual service charge is collected well in advance where buyer has to ensure that the payments are received on time and his account always updated.