Step-by-Step Guide to Selling Your Home in Dubai

So, you are planning to sell your property but don’t know where to start? Well, don’t worry. We understand that home selling requires in-depth market knowledge and expertise to find the best deal. That is why, In this blog, we will break down the selling process to help you secure the best deal for your property without any hurdles.

Comparative Analysis

First, compare your property's price with the properties listed with the same features, amenities, and location as yours. A real estate agent can be a helpful resource in determining the price of your home. He could conduct the property valuation to set a realistic price for your property before listing it. If you want to sell your home quickly, price your home slightly below the market value to attract more buyers.

Check out our online property valuation tool to analyse the price of your property.

Prepare Your Home for Sale

Once you have set a realistic price for your home, it's time to prepare it for sale by making it attractive. Here are some useful tips:

• Kitchen, bathrooms, and living spaces can make or break a deal. Fix leaky faucets, repair damaged walls or flooring, and update outdated fixtures. Remove any unnecessary items and organise your belongings neatly.
• Opt for a neutral colour palette and minimalistic decor, allowing buyers to imagine their belongings in the space.
• Arrange furniture in a way that maximises space and flow.
• Use appropriate lighting to highlight key areas.
• Add decor pieces to enhance the overall look and feel of your home. 
• Hire a professional photographer to capture your home's best features for listing.

Familiarise Yourself with RERA Rules

The Real Estate Regulatory Agency (RERA) is responsible for offering a transparent and effective legal framework to everyone connected to Dubai's real estate sector. Make sure your real estate agent is RERA-approved. An agent approved by RERA follows the ethical guidelines the Dubai Land Department (DLD) sets. Every RERA-approved agent has a unique ID. Ask them for their ID number and enter it on DLD's website or Dubai REST App to check whether they are registered.

Form A

Once you choose a real estate agent, sign an agreement with them. Obtain RERA's Form A, which officially authorises the agent to market and broker your property. Form A has all the essential information related to the property, like property details, agent commission, payment schedules, etc. 

Market Your Home

The actual role of a real estate agent starts from here. He will list your property on online listing portals. At Betterhomes, our real estate agents have a strong market network and provide professional marketing services. Listing your property with us will help you sell your property faster and at the best possible price.

Ensure your property looks outstanding in the photos and videos used for listing. Marketing your home is about telling a story that appeals to potential buyers. Highlight what makes your property special: its location, nearby amenities, balcony, or spaciousness. Use virtual tours or 3D walkthroughs to give buyers a realistic view of your property. This lets you market your home effectively and improve your chances of making a successful sale.

Review Offers

At this stage, buyers will start showing interest in your home so be ready for property viewings and accepting offers. You and your agent shall review the offers and determine the best one. Your agent's negotiation skills come in handy in getting the best price for your home.

Sign Form F

After selecting the buyer, a Memorandum of Understanding (MOU), also known as Form F, is signed. It is a sales contract between buyer and seller that includes property specifics, party names, selling costs, and other important details. So, read the contract thoroughly and verify the details. At this stage, the buyers also make a downpayment as a token of the purchase.

Obtain NOC

The parties then meet with the developer to apply for a No Objection Certificate (NOC) to sell the property. The NOC is issued against fee payment once the developer knows all service charges have been fully settled. These charges vary from developer to developer but usually fall between AED 500 and AED 5000. Get these documents ready before applying for the NOC:

• Title Deed/Oqood
• Emirates ID or passport
• Copy of Form F

You will receive NOC in five to seven working days.

Transfer of Ownership

Once the NOC is issued, the parties will be able to go to the Dubai Land Department (DLD) to transfer ownership officially. Here, the purchase price has to be paid in the form of a manager's cheque payable to the seller on the date of transfer. Then, a new title deed will be issued in the buyer's name. If the buyer is purchasing a freehold property with the help of a mortgage, then the bank will need to be involved. If the seller has a mortgage, the buyer must settle the seller's mortgage in full before applying for the NOC.

Fees Associated with Selling a Property

A seller must pay the following fees during the selling process:

NOC fee: AED 500 to AED 5000

Agency fee: 2-5%

DLD fee: 4%

Transfer fee: AED 2100 for properties below AED 500,00 and AED 4200 for properties above AED 500,000.

Conclusion

There you have it—the process of selling a home in Dubai is explained in detail. Follow these steps to secure the best price for your home without any hassle. Selling a property can be challenging, but with the right information and support, you can go through the process smoothly and achieve a successful sale.

Are You Getting Ready to Sell Your Home? How We Can Help