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Dubai's apartment and villa market is exploding with new high-rises and modern living spaces, meaning that sellers may have to work a little harder to yield a lucrative return.
You will have the best chance of selling the property in a timely and profitable manner if you give high priority to what's called the best Presentation of Property. If you do this, you're more likely to get offers and the highest price for your property. Before listing your property, make sure that all cracks, defects, and maintenance issues are resolved.
An appraisal of your property will be conducted by your real estate consultant. Pricing your property correctly will have the greatest influence on selling it, so getting it right is essential. You can expect our agents to provide you with guidance on pricing based on the type, location, and development of your home, along with a strategy for selling it as quickly as possible.
To list your property, Form A must be signed and a copy of your title deed and passport must be provided. The broker and seller sign Form A, which defines every term. The law requires that it be signed before the home can be marketed.
It is very important to market your home correctly to sell it. Most homes sell within the first 4 weeks of being listed. The most audience will be reached with premium listings that are visible on all available portals with professional photos and descriptions. The most audience will also be reached via social media campaigns and email marketing campaigns that are smartly targeted.
During the viewings, your property consultant will arrange for potential buyers to view the property. With their expertise in the industry, your agent will not only be able to show you properties, but will also provide you with information and answers to questions regarding the property, community, price, and all other factors surrounding selling your home. Your agent will let you know about solid leads and will facilitate negotiations on your behalf with potential clients.
As soon as a serious buyer is found, both parties need to sign a memorandum of understanding (also called an MOU or Form F). 10% will also be put down as a security deposit.
Before the NOC is issued, the buyer must pay off the seller's mortgage. This step can be started the day after you sign the MOU with your bank or lender to save time. Your bank or lender will issue an account statement. Banks typically issue statements within 1-2 weeks.
A NOC for the sale of the property must be obtained by the developer from all interested parties. Once the developer is satisfied that all service charges owed to the developer have been settled and that any modifications made by the seller have been carried out according to the developer's guidelines, he or she will issue the NOC upon payment of a fee. As soon as a NOC is applied for, someone from the developer's office usually comes to view the property. Depending on the developer, some customers may also need to provide a refundable deposit, which is only returned once the buyer shows the new title deed and the developer's records are updated.
Start the process of disconnecting your utilities by contacting your utility providers. At this point, all parties should know when the utilities will be transferred. Doing this on time can prevent any further delays.
To officially transfer ownership, all parties will be able to visit the office of the Dubai Land Department once the NOC is issued. Upon transfer, the DLD will require that the purchase price be paid with a manager's check made payable to the seller. The buyer's name will be incorporated into the new title deed upon completion of the formalities. Any overpaid service charges will be settled at this time with the seller working out pro-rata.
Get personalized advice from one of our property consultants today.
