Selling Process Off-Plan
Do you want to sell your newly built home in Dubai before the project is completed? This is known as an "off-plan resale." In this process, you sell your contractual rights to the property to a new buyer, in accordance with the terms of your purchase agreement with the developer.
Below, we explain step-by-step how the sales process for new-build properties in Dubai works.
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Step 1: Inventory
We begin by assessing your current position. We review the original purchase price, the installments already paid, the remaining payment obligations, and the expected completion date. We also examine the terms of your purchase contract, the Sales and Purchase Agreement (SPA), to determine the options available for reselling your property.
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Step 2: Check with the Developer
Before listing the property for sale, we verify whether resale is permitted at that stage. Some developers require a minimum payment threshold to be met before a property can be resold. Additional conditions or administrative fees may also apply. We therefore determine in advance whether resale is allowed, what percentage of the purchase price must already have been paid, which documents the developer requires, and what costs and conditions apply. The exact terms vary by developer and project.
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Step 3: Asking Price & Form B
We determine a realistic asking price based on the original purchase price, current market value, comparable transactions, and the remaining payment schedule. In doing so, we consider not only the potential profit from the sale but also the net amount you will retain after deducting sales costs and any outstanding obligations. We will send you Form B—the contract between you as the seller and us as the agent—for digital signature.
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Step 4: Marketing
We handle the presentation of your property and bring it to the attention of potential buyers. We answer questions, discuss the terms of sale, and guide the negotiations regarding the selling price and the payment obligations to be assumed by the new buyer.
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Step 5: Negotiation and Form B & F
Once a suitable buyer has been found, we negotiate the sale price and other terms and conditions. If an agreement is reached, the arrangements are recorded in Form F, the sales agreement. This document specifies, among other things, the agreed sale price, the amounts already paid to the developer, the outstanding installments, the conditions governing the transfer, and the allocation of costs.
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Step 6: Developer's NOC
The developer's approval is generally required for the transfer. Depending on the project, a No Objection Certificate (NOC) is requested for this purpose. The developer verifies whether the stipulated conditions have been met. For instance, the payment status of the property and any outstanding amounts. Any outstanding obligations and administrative fees must be settled in accordance with the agreements before the transfer can be finalized.
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Step 7: Contract Transfer and Registration
Upon approval by the developer, the transfer is processed and the change is registered with the Dubai Land Department (DLD), using the Oqood system where applicable. The new buyer assumes the remaining payment obligations in accordance with the agreed terms.
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Step 8: Settlement and Finalization
Once the transfer is complete, the financial settlement will be carried out in accordance with the agreed terms. We will consolidate the details of the sale price, amounts already paid, any outstanding obligations, and the costs of the sale, so that the actual net proceeds from the sale are clearly set out.
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.
The remaining installments of the original purchase price are subsequently paid by the new buyer to the developer, in accordance with the existing payment plan and the conditions agreed upon at the time of the transfer.
The exact payment structure may vary from project to project. Therefore, we verify in advance how payment, any transfer fees, and developer approval are handled.
The Escrow account is an intermediate account in the management of Real Estate Regulatory Agency (RERA) intended to regulate and control the building and construction processes, thereby guaranteeing the rights of investors.
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
- Oqood Certificate
- Developer's NOC
- Payment overview from the developer, showing the installments paid and the outstanding amounts.
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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