Dubai is a flourishing property market where some of the world’s most iconic and unique properties exist.
Also, there is a huge population of expatriates from over a hundred countries that provide the much needed
momentum to the Dubai’s property market. In this backdrop, if you are having a property in Dubai and you
want to sell it, there is nothing unusual. Still you may want to know how to sell your property and what
exactly it entails. There are certain issues such as selecting an agent from thousands of Dubai real estate
agencies, the property paperworks, getting the exact property values, and visiting the DLD office that may
seem complex and daunting. But it is not so!
Wondering about how to sell your Dubai property? The process of selling your property is fairly easy. And it
can be completed in the following 5 steps:
Step 1: Finding the Right Real Estate Agent
Appointing a real estate agent for selling your property can take much of the load off your head. But you
should exercise discretion and prudence in your selection. Your real estate agent should know well about the
property market trends, prices, and other key business information about the area in which you have the
property in question. Your agent will develop a marketing strategy including the valuation of your property
in consultation with you. You should get a contract made for the agent’s engagement, clearly stating the
scope of work and his commissions. This is Form A, which is mandatory to fill up and sign if you want to
sell your Dubai property.
Step 2: Keep Property Documents Ready
For your Form A to be legally valid, you need to provide the following documents:
1. Title deed or Oqood
2. Passport with stamp of UAE Residence visa
3. Emirates ID (if relevant).
Step 3: Preparing the Form F
Once you have found the buyer for your property, it’s time for you to get into a formal agreement with the
buyer. This is done through Form F, which has all the details and conditions pertaining to the sale. If the
buyer is availing a home loan (mortgage), his bank would get the valuation of the property done by a third
party to arrive at the exact market value of the property.
Step 4: Settlement of Seller’s Home Loans
If you have taken out a bank loan to finance your home purchase, you need to obtain and provide a liability
letter from your bank, which is usually valid for a 15-day period. Once this stage is cleared, you need to take
an NOC from the developer, who ensures that all the service charges and liabilities on your property to the
developer are paid.
You would be required to furnish the documents mentioned in step 2 at the developer’s office for your NOC
application to be processed. It may take a maximum of 7 days and 5,000 dirhams for the NOC to be finally
issued to you.
After the NOC is issued to the seller, the finances need to be settled between the seller and the buyer. If the
buyer has the finances ready, both will head to the Dubai Land Department’s (DLD) trustee office which will
block the property in the name of the buyer. At this stage, the DLD trustee office takes the money from the
buyer and issues a ‘Restrain Property Certificate’. In this case, the seller’s mortgage is directly settled.
Step 5: Transfer of ownership at DLD
Now comes the final stage when all concerned – the seller, the agents from both sides, and the mortgage
consultant – will have to visit the DLD office to complete the transfer formalities of the property. You need
to carry the papers mentioned in this guide earlier. At this stage, a new title deed will be issued in the name
of the buyer. At the same time, the seller receives the full and final payment. The transfer fees are paid to the
DLD.
Final Thoughts
Dubai is a lucrative destination for investments in real estate. As a result, a lot of people from many parts of
the world invest in Dubai’s real estate market. This makes the real estate of Dubai quite a fast-moving
market where buyers and sellers are always on the hunt for a good deal. The formalities and the processes
are simple and straightforward.
If you have a property in Dubai and you want to sell it, you are likely to get a good deal. All you need to do
is to find an experienced and well-informed real estate agent to guide you through the process.
