A step-by-step seller's guide on how to sell property in the UAE
Property valuation is a thorough analysis of a specific property's market value. It is the estimated sale price of a property between a buyer and a seller, both willing, in a transaction at arm's length, after effective marketing, where the parties acted knowingly, prudently, and without coercion. Real estate valuation is challenging because every property has distinctive qualities, including location, floor plan, lot size, and amenities. Sellers need to be aware of the property value of their property and sell it accordingly.
You must confirm that the agent you hire is registered with RERA, the Real Estate Regulatory Agency of the UAE, before hiring them to manage, market, or sell your property, be it an apartment or a villa.
The Dubai Land Department's real estate business ethics guidelines are followed by all RERA-approved real estate agents in Dubai (DLD). This basically means that these agents conduct themselves in an honest, professional, and reliable manner. How can you tell if a real estate agent is RERA-approved? Request a copy of their RERA card!
Once the seller decides on the property agent, the home seller and the real estate agent enter into an agreement, usually referred to as the listing agreement. This is to ensure that the entire process is entirely legal and that no one gets cheated.
The main point is that the agent has the authority to list, (advertise and handle the sale of) the property. You must comprehend the terms of this agreement if you plan to sell, because you are obligated to abide by them.
Try to expose your property to as much exposure as it can have, maximize the appeal! Exposure is essential for selling your house. No matter how amazing or affordably priced your property is, if no one sees it first, you won't receive any offers. A good real estate agent will aid you in this aspect, but the general rule of thumb is, to get a good photographer and click some nice pictures of your property and post it.
You've listed your house on the market, scheduled the viewings, and are prepared to sell. The only remaining step is to find a buyer, and that's when things start to get interesting.
In a perfect world, your house would be able to speak for itself, but occasionally sellers need to provide some assistance so that potential buyers can fully appreciate their purchase. Never fear, there are a number of simple but effective things you can do to ensure that your house sells for the right price, from cleaning up your house before viewing to giving the best tour.
You’ve done everything right, and you have an offer (or a few) at hand! Once you receive the offer that you think is right for your house, have your real estate agent draft a contract. This contract will contain all the important details, such as the agent who is representing both the seller and the buyer, the name and contact information of the buyer, the name and contact information of the seller, description of the property, financing information, etc.
The sales agreement is a contract that is enforceable by law and specifies the terms of the transaction in detail. Without a sales contract, you might not be able to safeguard your investment, or you might unintentionally take responsibility for something beyond your control. Because of this, while selling your property, which requires more than a straightforward transfer of ownership, you should think about using a sales agreement.
According to the Civil Code, a property cannot be legally registered before being transferred between parties. Unless they are recorded in the property register, all actions connected to the creation, transfer, modification, or cessation of a property right are null and void. Thus, the process remains incomplete till your transfer the ownership to the buyer, legally. You’ll have to go through a few formalities to substantiate the transfer.
Project Registration Centre (PRC), Dubai Land Department (DLD). To register the sale of the property, the buyer and seller must go to the DLD together.
There are various methods by which you can promote your property. Some of these are, floor plans, videos, copywriting by professionals, billboards in front of the building, real estate agent database promotion, the printing of real estate brochures, various websites, real estate portals, and social media.
Yes, there are certain fees that are involved in selling properties, such as transfer fees, etc.
When the designated task is finished or at any time thereafter, the executor may revoke the POA. The document is rendered invalid upon the passing of the grantor.