Selling or buying a property is a big challenge as it involves a lot of ambiguities, legalities and technicalities. Before making any buying or selling decision it is essential to understand the complete process of buying or selling properties in the UAE.
The seller and buyer’s guide is a step-by-step reference report that includes the complete process of selling or buying a property with a real estate company.
Realty Bridges has its core strengths in real estate. We have analyzed the market both from a seller’s and buyer’s perspective. Having a deep understanding of the real estate market, our buyer’s and seller’s guide will assist you to understand the process of purchasing or selling the property in the UAE thoroughly.
The procedure of purchasing the property has become more efficient by using various forms and processes issued by the Dubai Land Department (DLD). This Buyer’s guide will help you in understanding the step-by-step process when buying any property in the UAE.
Arrange your Capital
Before buying a property, make sure that you have enough capital to close the deal. You must have enough funds at the time of transfer if you’re buying a property in UAE.
Find the Right Mortgage & Get Pre-Approved
If you don’t have enough funds to meet the requirement of a seller, you need to avail financing. To have the best financing facility you should contact mortgage advisor or brokers and get pre-approved to confirm your budget.
Contact Real Estate Company or Broker
After capital arrangement, the next step is the selection of Real Estate Company or Broker. Being an individual it requires a lot of expertise and time to search for any property. Real Estate Companies have a pool of properties, all you need is to share your wish-list and they will suggest you the best places according to your demand.
Make an Offer
The next best thing after finalizing your property is to make an offer. After careful consideration you should immediately give your offer with 10% deposit, it will put your position at par.
Sign MOU
After the acceptance of your offer, Form F will be drafted by your real estate broker. You need to go through with the clauses and sign contract with the submission of cheque deposit of 10%.
Engage a Conveyancer
Buying a property on mortgage involves a lot of documentation and time. An individual is not expert enough to deal with this. To save your time, it’s is recommended to hire conveyance services for assistance.
Apply for NOC
After the finalization of all documents, you need to obtain No Objection Certificate (NOC) from the developer. The purpose of obtaining NOC is to have surety from the developer that the property is free from any exceptional service costs.
Transfer the Property
After obtaining NOC, the next step is to transfer the property. All the parties have to reach at the office of Dubai Land Department (DLD) to execute the transfer process.
At this time you have to pay cheque for 4 percent transfer fee for the DLD transfer fee and will also pay for the DLD office administration fees.
After completing all the formalities, you will be issued a new title deed under your name along with all keys and access cards of the property.
This guide is written to provide you a one-stop solution to sell your property in the United Arab Emirates. It involves a series of steps that will guide you at each and every level for selling property.
Market Evaluation
The key to sell any property is to have right valuation of your property. Our real estate specialists come up with a designed strategy along with your consent to execute the sale of your property at the best price.
Listing Your Property
It is very easy to list your property for sale at Realty Bridges. All you need is just to sign Form A along with your passport and the copy of title deed.
Marketing Your Property
The best way to promote any property is to do marketing for that. We have a specialized marketing team that promote your property and ensure its appearance through every media platform.
Buyer & Seller Agreement
When Realty Bridges link you to a potential buyer and he is ready to buy your property than one MOU (also known as Form F) need to be signed between you and the buyer. The buyer will also submit a 10% security deposit.
Time Frame
The time frame of selling a property varies from case to case. The selling process can be completed within 7-10 days if you’re selling property in cash, but dealing in finance can take up to 2 months.
Apply for NOC
In this process, all the parties need to apply for a NOC (No Objection Certificate) from the developer. NOC will guarantee the property is free from any exceptional service costs.
Ownership Transfer
The change of ownership takes place in the DLD (Dubai Land Department). You will get there any additional amount for your property via Manager’s cheque at the same time as the title deed is transferred to the new owner.
