Selling Process Resale
Are you looking to sell your apartment, villa, or real estate investment in Dubai? Selling an existing property involves more than just finding a buyer. From determining the right selling price to arranging the necessary documentation and the final transfer of ownership, every step requires careful preparation and the process works as follows:
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Step 1: Inventory
We begin by discussing your property and your sales objective. Do you wish to sell your own home, cash in on an investment, or adjust your real estate portfolio? We examine the location, property type, condition of the real estate, any existing tenancies, and the current ownership status. We also verify whether there is a mortgage on the property and check for any outstanding service charges.
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Step 2: Selling Price & Form B
We determine a realistic asking price based on comparable transactions, current market conditions, and the specific characteristics of your property. In doing so, we consider not only the potential sale price but also the expected net proceeds after deducting agency fees, any mortgage-related costs, and other selling expenses. Once we reach an agreement, we will send you Form B for digital signature; this serves as the contract between you, the seller, and us, the real estate agent.
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Step 3: Marketing & Viewings
We handle the presentation and marketing and bring the property to the attention of potential buyers. Throughout the sales process, we manage communication, answer questions, and organize viewings.
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Step 4: Negotiation and Form B & F
Once a suitable buyer has been found, we discuss the offer and the terms of the sale. In addition to the selling price, we consider factors such as the desired transfer date, payment terms, and any special arrangements. When both parties are in agreement, the terms are recorded in the sales contract, known as Form F. This sales agreement is drawn up via the DLD system and digitally signed by both the buyer and the seller.
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Step 5: Arranging Documentation and NOC
Once an agreement has been reached, we prepare for the transfer. This typically requires the title deed, identification documents, and a No Objection Certificate (NOC) from the developer. Any outstanding service charges and other amounts due must also be settled. If there is a mortgage on the property, we coordinate the necessary steps with your bank to ensure that the mortgage repayment and any required discharge are arranged in a timely manner.
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Step 6: Transfer of Ownership
Once the required documents and approvals are available, the transfer is completed via a Real Estate Registration Trustee Centre or an applicable digital DLD procedure. All payment arrangements have already been agreed upon and recorded in Form F. Following successful registration, the new Title Deed is issued in the buyer's name.
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Step 7: Financial Settlement
Following the transfer, the financial settlement is finalized in accordance with the agreed terms. We itemize the sale price, real estate agent fees, any mortgage repayment, outstanding obligations, and other selling costs. This gives you a clear view of the net proceeds you will ultimately realize from the sale.
Who will I receive the money from?
In the standard scenario, the new buyer pays the agreed amount to you, the seller, for the transfer of your contractual rights. This payment is made by cheque if you reside in the Emirates, or via an escrow account if you do not. The payment typically covers the reimbursement of the installments you have already paid and any agreed-upon profit.
When there is no mortgage on the property, payment is generally made directly to you as the seller, in accordance with the agreed payment method and terms.
If there is still a mortgage on the property, the settlement process differs. A portion of the sale proceeds is used to pay off the outstanding mortgage debt to your bank. The remaining amount is then paid out to you after applicable costs and obligations have been settled.
During the transfer process, the payment steps are aligned with the requirements of the bank, the buyer, and the registration center. This ensures it is clear in advance what net amount you can expect to receive.
What documents do I need for the Selling Process?
To sell off plan real estate in Dubai the following documents are required:
- A copy of your Passport and Emirates ID (if you are a resident of Dubai)
- Your residential and contact details
- Title Deed
- Developer's NOC
- Payment overview from the developer, showing the paid installment and outstanding amounts.
- Payment overview of outstanding service charges
- Mortgage documentation, if you have a mortgage on your home
Any questions?
As Dubai experts with extensive experience in the local real estate market, we are in an excellent position to help you sell property in Dubai. Please do not hesitate to contact us if you have any questions.
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