Selling property in Dubai can be a daunting task, especially for first-time sellers. However, with the right guidance and understanding of the process, it can be a smooth and stress-free experience. This guide will walk you through the steps to sell property in Dubai, and introduce you to PHOREE's market disruptive service, InstantSell™, which offers a revolutionary way to sell your property for InstantCash™.
Steps to Sell Property in Dubai
Find a Good Real Estate Agent: The first step is to find a real estate agent who is registered with the Real Estate Regulatory Agency (RERA) in Dubai. These agents are trustworthy, honest, and professional in their dealings. They will guide you through the process, help you decide a realistic selling price, and define a thorough marketing strategy for your property.
Form A: Once you've decided on a real estate agent, you'll need to sign an agreement with them using Form A. This form includes property details, agent commission, service charges, payment schedules, and mortgage status. Once Form A is signed, it is submitted to the Dubai Land Department's Trakheesi system for approval.
Advertising Your Property: Your property needs to be appealing to potential buyers. This includes making sure your property looks good in videos, photographs, and 3D imagery used for advertising. Your real estate agent will take care of putting your property up on online listing portals and advertising in local newspapers and social media sites. PHOREE Real Estate professional team could help you do that.
Signing Form F: Once you find a buyer, you'll need to sign Form F, also known as the Memorandum of Understanding (MOU). This is a legally binding contract that contains all the terms and conditions agreed upon by both parties.
Getting the NOC: You require a No Objection Certificate (NOC) to sell property in Dubai. The NOC is issued by the property developer and declares that the seller has no remaining debt or liabilities toward them.
Transfer of Ownership at Dubai Land Department: The final step is the transfer of ownership. This involves the buyer paying the remaining amount of the purchase price, the seller paying the transfer fees to the Dubai Land Department, and a new Title Deed being issued in the buyer’s name.
PHOREE's InstantSell™: Revolutionizing Property Selling in Dubai
PHOREE is the first and only Digital Real Estate Platform in the world with comprehensive digital services in the property market. We offer a unique service called InstantSell™, which allows property owners to receive an offer for their property within 24 hours of completing the process. This service is a game-changer for property owners as it reduces the stress and uncertainty associated with traditional property sales.
PHOREE also offers two other services: EasyBuy™, which simplifies the property purchasing process, and Renting, which streamlines the rental process for both landlords and tenants. Furthermore, PHOREE offers Fractional Ownership of fully managed real estate portfolios, enabling investors to access lucrative investment opportunities with a smaller capital outlay.
Selling property in Dubai can be a smooth process with the right guidance and tools. With services like PHOREE's InstantSell™, property owners can now sell their properties quickly and efficiently, revolutionizing the traditional real estate market.
Checklist for Selling Property in Dubai
- Find a RERA-Approved Real Estate Agent: Look for an agent who is registered with the Real Estate Regulatory Agency (RERA) in Dubai. They should have a good track record and understanding of your area of interest.
- Sign Form A: This is an agreement between you and your agent. It includes property details, agent commission, service charges, payment schedules, and mortgage status.
- Advertise Your Property: Make sure your property is appealing to potential buyers. This includes professional photographs, videos, and 3D imagery. Your agent will help you list your property on online portals and other advertising platforms.
- Prepare Your Property for Viewing: Clean and declutter your property. Let in natural light and fix any necessary repairs.
- Wait for the Right Buyer: It might take some time to find the right buyer. Be patient and trust your agent's guidance.
- Sign Form F (MOU): Once you find a buyer, sign the Memorandum of Understanding (MOU). This is a legally binding contract between you and the buyer.
- Apply for the NOC: Apply for a No Objection Certificate (NOC) from the property developer. This certificate states that you have no remaining debt or liabilities towards them.
- Transfer of Ownership: Visit the Dubai Land Department's office with the buyer and your agent to transfer the ownership. The buyer will pay the remaining amount of the purchase price and a new Title Deed will be issued in the buyer’s name.
Consider PHOREE's InstantSell™: If you want to sell your property quickly without dealing all of these 8 steps, consider using PHOREE's InstantSell™ service. You can receive an offer for your property within 24 hours of completing the process.
Remember, each step is crucial to ensure a smooth and successful property sale in Dubai.