What Is The Legal Procedure In Dubai For Selling A Property?

Dubai's real estate market has grown a lot in the past few years. Palm Jumeirah, in particular, has attracted real estate investors from across the globe. Many of the most expensive rates ever seen have been asked for different kinds of properties, making this a great place to spend. Because of this, many people want to sell their homes in the province. Some of them are selling their homes for the first time and don't know where to start.

The process of selling a home in Dubai is pretty easy, but there are a lot of steps and moving parts to keep track of. The legal procedure for selling properties in UAE largely depends on the type of deal. There are three scenarios.

Scenario 1: Selling Your Property

To sell your property, you must sign a Form A contract with a broker and give them a duplicate of the passport and the ownership deed. The deal will say how much the broker will get paid if they sell the property. Make sure to meet your broker on time when submitting the papers and closing the deal. Failure to do so may cause unnecessary delays in completing the formalities.

Scenario 2: When Both Parties Are Ready to Close the Deal

When there is an interested party and all the terms of the deal are clear, both sides must sign an MOU. After that, both sides will have to pay a fee to the developer and apply for a "No-Objection Certificate." The company will give a NOC when it's sure all the money they owe has been paid. As soon as the NOC is given, each party can go to the office of the Dubai Land Department and transfer ownership. The DLD says that the purchase price must be paid through a manager's check made out to the vendor at the time of transfer.

Scenario 3: Selling an Under-Construction Property

If you want to sell a home still being built, you'll need to meet certain requirements. Most of the time, the producer will want you to pay 30–40% of the costs before you can sell. Remember that the developer's deal may have other rules you must follow before putting the property up for sale.

When selling your property in the UAE, many property owners make a blunder that you should also avoid.

• Not making the house look like it could be sold.

Most people who want to buy a house are looking for one that is already done. If the house isn't in good shape and there are a lot of fixes that haven't been done or have been put off for too long, the prospective purchaser will ask for a reduction in the price, which means you lose money. So, if you want to put a villa for sale in Dubai for a higher price, it's better to keep it in good shape.

• Failing to Qualify the Leads

In the same way, renters and owners have certain rules to follow when renting, buying, or selling a property. You and the agent will benefit from getting as much information as possible from both sides. Because of this, you will do a great job for both groups.

When qualifying a client, it's important that they feel fine giving you information. Listening carefully and asking the right questions help match the right client with the right unit.

• Not making the most of your tools.

When you have an agreement to sell a rental home as a landlord's agent, you must make sure that the listing is eye-catching, stays at the top of the portals, and gets as much publicity as possible. For example, you can use professional photos to show off the property and work with other people.

Is It Worth Investing in Dubai’s Real Estate?

You can make money by acquiring and reselling the property in Dubai. Dubai is known as one of the best places to put your money. It is because it has a lot of different possibilities, which makes it a very interesting place for investment in Dubai. This city is also the biggest in the UAE and has been named in the list of the best places to visit by World Travel and Lonely Planet.

The real estate market in the UAE is one of the most famous and popular in the world. Some people say it's like a gold mine. Because of this, this state has become a very popular place for ex-pats, foreign investors, and investors from the area to purchase and sell housing.

Conclusion:

Property Shoma is a leading real estate consultant in Dubai. Our professional property consultants can help you find buyers for your property. And if you want to buy property in Dubai on installment, we can assist you in finding the most beautiful house at a reasonable price. Contact us today to book an appointment with our consultants.