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Selling A Property
Selling a property in the UAE can be a simple process, but one that can take at least six weeks or more depending what is agreed on in the Sales & Purchase Agreement (SPA) between the buyer and seller. You can market the property across a range of property websites. Most real estate agents can assist you with this by drawing floorplans, arranging viewings and giving you a free valuation based on market trends.
Prerequisites
- Full ownership of the property
What to bring
- Passport with residence visa of seller if they have one (copy).
- Title deed (original)
- NOC letter from developer (freehold only)
- NOC letter from bank to release mortgage (three copies: for you, the bank and DLD at transfer of ownership stage).
- Bank manager cheque (in seller’s name) as proof of mortgage.
- Sales & Purchase Agreement (certificate of property ownership).
- Transfer fee of 4% + Dhs.540 from seller.
- Dhs.4,000 in cash (service fee) if selling price is more than Dhs.500,000.
- Dhs.2,00 (service fee) if the selling price is under Dhs.500,000.
Procedure
- Only ever use a RERA-registered agent or broker (see dubailand.gov.ae for full list) to help you market your property.
- Once you have a buyer, begin a transfer of ownership by yourself or through a broker.
- Submit NOC from your bank to release mortgage to buyer’s bank.
- Buyer’s bank will pay off mortgage while your bank issues clearance documentation.
- You then need to meet with the buyer, the buyer’s bank, property agent and the mortgage consultant at the developer’s office (if it is a property under construction) or at the Dubai Land Department to initiate the transfer of ownership.
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