Complete guide to selling your property in Dubai

Are you planning to sell a property in Dubai for the first time? This guide to selling property in Dubai is all you need to ensure the smooth completion of what can be a stressful process. Whether it’s your investment property or your apartment in Dubai that you wish to put on the market, there are specific steps to sell a property in Dubai that you need to follow. 

BEFORE PUTTING YOUR PROPERTY FOR SALE IN DUBAI

Initiating the process of property sale in Dubai is perhaps the most confusing part, especially if it’s your first time. A lot of people aren’t sure about where to begin and how to proceed, but that ends here. To begin with, let’s first look at the things you need to do before you actually sell property in Dubai. 

FIND A GOOD REAL ESTATE AGENT

When enlisting an agent to manage and market your apartment or sell a villa in Dubai, you need to ensure that they are registered with the Real Estate Regulatory Agency (RERA) in Dubai.

All RERA-approved real estate agents in Dubai follow the real estate business ethics principles outlined by the Dubai Land Department (DLD). This essentially means that these agents are trustworthy, honest and professional in their dealings. How do you identify a RERA-approved real estate agent? Ask them for their RERA card. 

Now, out of the hundreds of RERA-approved real estate agents in Dubai, which one is right for you? To answer that, consider the following aspects:

• Are they an expert in and have a good insight into your area of interest? For example, you want to sell your apartment in JLT, look for an agent who has a worthy track record of closing property deals in Jumeirah Lake Towers and adjoining areas.
• Do you get along with them professionally? This is important because you want a property agent who paints the picture as it is, with all the good, bad and ugly. Also, you should be able to voice your concerns to them and look for professional advice where needed.

As long as your property agent in Dubai adheres to the above-mentioned criteria, you are good to go. The agent will guide you through the process, help you with deciding a realistic selling price, define a thorough marketing strategy for your property and help you sell property in Dubai.

FORM A

As soon as you decide on a Dubai property agent, sign an agreement with them. You will need FORM A – one of the RERA forms, to formally mandate the marketing and brokering of your property to the agent. This form includes property details, agent commission, service charges, payment schedules, mortgage status (if any) and listing details. Once FORM A is signed, it is submitted to the DLD’s Trakheesi system for approval. You’re issued a permit number after approval to carry on with the property advertisement. 

ADVERTISING YOUR PROPERTY

You cannot sell a property in Dubai or anywhere in the world without people knowing about it. To attract potential buyers, you need to tell and show them what is up for sale. For the most part, it is your real estate agent who will take care of putting your property up on online listing portals like vpd.ae or dubizzle and advertising in local newspapers, social media sites and other platforms. 

One of the most important elements of marketing a property is its presentation – how the world sees it. This is where “property staging” comes in.

You need to make sure your property for sale in Dubai looks good in videos, photographs and the 3D imagery used for advertising it. In addition to this, you will have potential buyers coming in for property viewing. The first impression counts and acting upon a few tips to sell a property in Dubai actually helps. Prepare your property for the sale.

For your property to be attractive to potential buyers

• It should be clean
• There should be no clutter
• Let the light in from the windows to make it look bright and airy
• Decorate to make it appealing to the eyes
• Fix and repair everything that needs it

ONCE YOU FIND THE BUYER

It might be a while before you find the buyer you want to sell your Dubai property to. When you do, here’s what you need to take care of.

SIGNING FORM F

FORM F, also known as the Memorandum of Understanding (MOU), is the sales contract between the buyer and seller of the property. It includes all the terms and conditions agreed upon by both parties, including price, property details, selling costs, names of both the parties, the transfer date and other finer details of the contract. 

You should know that a dated FORM F is a legally binding contract once both the buyer and the seller sign it, with the agent(s) as a witness. So, make sure you thoroughly read through and check the accuracy of all details mentioned on it. At the time of signing FORM F, the buyer also makes the down-payment as a commitment to the purchase.