If you want to sell property in Dubai, you must know that it requires careful planning and compliance with the regulatory procedures. Whether it is selecting a reputable agent or completing the final transfer of ownership, it is important to understand the process of selling property in Dubai in detail. In this blog, we’ll guide you through the steps involved and the documentation needed when selling property in Dubai.
Know About The Real Estate Regulatory Agency (RERA)
The Real Estate Regulatory Agency also known as RERA certainly plays an important role when it comes to regulating the real estate market in Dubai. It makes sure that all the real estate agents operating in the Emirate adhere to ethical standards and have a strong sense of professionalism set by the Dubai Land Department (DLD). When choosing a real estate agent to handle your property sale, it’s highly important to make sure that they are registered with RERA, so that your selling process is done with utmost trust and accountability.
Steps Involved in Selling Property in Dubai:
- Selecting a Reputable Real Estate Agent
- Filling out Form A
- Advertising Your Property for Sale
- Setting the Right Price
- Signing Form F
- Obtaining NOC
- Transfer of Ownership
Choose an agent who is registered with RERA and who can handle the marketing and brokering of your property. You must ensure that they have a proven track record and follow the ethical principles set by DLD as stated previously.
To begin the process in action, you must fill out Form A, one of the RERA forms. This Form A authorizes the agent to represent you and provides critical details about your property, which includes, property specifics, agent commission, service charges, and mortgage status.
The next step, which is one of the most important steps, is to showcase your property to potential buyers. Here your real estate agent will have to play a key role in advertising your property to the customers and potential buyers effectively. To attract buyers to your property, you must ensure that it looks appealing, and neat in the photos, videos, and imagery that will be used for advertising.
Pricing is one of the most important factors for a successful sale. To make sure that your property has the right price and as per the market demand, you can conduct a property evaluation that will help you determine the best price for your property. You can also try and implement competitive pricing strategies to attract the right audience and increase the likelihood of a successful sale.
Once you’ve selected a buyer, the next step is signing Form F, the memorandum of understanding (MoU). This form is a legally binding contract that outlines all the terms and conditions agreed upon by both parties, including price, property details, and transfer date.
You’ll need a No Objection Certificate (NOC) from the property developer to sell your property. This certificate declares that you have no outstanding debts or liabilities and have no objections to the sale.
Transfer of ownership is the final step in selling property in Dubai. All the parties involved, the seller, buyer, and agents, must visit the relevant DLD trustee office to complete the transfer. This involves settling the purchase price, paying the transfer fees, and issuing a new title Deed in the buyer’s name.
Documents Required for Selling Property in Dubai.
- Form A (RERA form)
- Form F( MoU form)
- No Objection Certificate (NOC) from the property developer
- Copy of the title deed
- Cheque to the seller for the balance amount of the purchase price
- Cheque to Dubai Land Department for the transfer fee
- Original identification proof documents like passport, visa, and Emirates ID of the buyer and seller.
Selling a property in Dubai involves several steps and legal requirements, but with the right guidance and support, you can complete the process smoothly. By following the steps outlined in this guide and working with reputable professionals, you can maximize the value of your property and ensure a smooth transaction experience.
Assigning Someone to Sell Property in Dubai on Your Behalf
If you’re unable to handle the selling process yourself due to any reason, or you want someone to carry it out, you can assign someone to act on your behalf by getting a Property Power of Attorney. This legal document grants the designated person the authority to handle all aspects of the property sale, including signing contracts, attending meetings, and completing transactions on your behalf. At JustPOA you can now get your Property POA made with the help of our legal experts, who will ensure that your process of getting your power of attorney is done seamlessly.
