How To Do Your Due Diligence When Selling A Property In UAE?

One way is to avoid the mistakes.

There are many land owners that make some almost fatal mistakes when selling their property. Doing your due diligence means going over a list of those mistakes and making sure you do not repeat any of them.

If you do, then those mistakes can cost you some money or you lose a sale. One mistake would be rushing to sell your property. That will cost you the most especially if you are not listening to your real estate agent or broker.

To do your due diligence, you need to follow a tried and true process that helps eliminate those mistakes. You need to cover all aspects of the property to make sure it will sell quickly and to qualified buyers.

Is Selling Property In Dubai Easy?

Yes and no. The no portion of the answer pertains to the competition you will face when you put your villa, apartment, or home on the market. You won’t be the only land owner selling at that time and you have to watch what their sale prices are to make sure you are competitive.

Then, hopefully, you bought it in the right location. The wrong one will delay the sale of your home somewhat but this is hard to say in such a competitive market as Dubai.

It is easy to follow the process of selling your home and if you do everything right, you may find it very easy to sell your home even if the market is competitive as they say.

Making sure your home looks good helps take the threat of competition away. There are other tricks and tips you can do to help make the process simple and easy to go through.

Sell Property In Dubai

There is a process you should do to do your due diligence when selling your property in this city. Here are the tips that will make the selling process a lot easier in the long run.

1. Make The Home Or Apartment Presentable– Looks matter when it comes to property. How your property looks will determine if you get a buyer or not or if they try to present a low ball offer.

Fill in cracks, paint rooms or exterior walks, and so on to make your home look nice and have curb appeal.

2. Do A Market Appraisal– This will help you set a proper selling price which will influence the potential buyers the most.

3. Fill Out Form A– This is a contract between you and your broker. This contract lists all the details that need to be met before you will agree to sell your home. This form has to be filled out before the broker gets permission to market your home.

4. Advertise The Home– This is simple and straightforward forward and the broker should handle this for you

5. Have The Home Available For Showing– Your real estate agent will make the appointments and contact you for the best time to bring potential buyers by.

6. Agree To Terms– This is when a serious buyer agrees to buy your home. You will need to fill out a memorandum of understanding and Form F and the buyer will present a cheque for a 10% deposit.

You will also have to disconnect utilities at the right time as well as apply for and receive a NOC or No Objection Certificate before the home will be sold.

How Much Is The Real Estate Agent Commission In Dubai

There is no RERA law that spells out an exact fee for the real estate agent upon a successful sale. The law basically states that the brokerage fee is upon agreement between the seller and the broker.

The two will have to decide what is fair and write that fee in the contract between the broker and seller. Currently, the standard fee is roughly 2% of the sales price but there are reports that state 4% is acceptable.

The amount of the fee will vary depending on the broker and how much they will charge. If there is no agreement, then the fee is set by the prevailing practice.

Selling Property In Dubai Fees

There are only 4 fees you need to worry about when selling your property in this city. The first is the broker’s fee which you need to negotiate at the time of signing the contract.

The second fee will be the NOC charge. This fee will range depending on the developer and the type of property involved in the sale. The third fee will be the ownership transfer charge, the Dubai Land Department sets a 4% fee on the actual selling price.

The final fee will be the admin or transfer of ownership fee this is a set price no matter the selling price of the home. There are two fees, one for property selling for under AED 500,000 and one for property selling over AED 500,000. The latter is double the former which is AED 2100.

Sell Dubai Property Fast

The best way to sell your property fast is not to be a motivated seller. That is a situation where you could lose thousands of dollars because potential buyers are taking advantage of your situation.

The best advice is to pick a top real estate firm to help you market your property. Then make sure the property looks good and is priced fairly. Over-pricing is one way to delay a sale.

Some Final Words

When you are looking to sell your Dubai property give our agency a call. We have over 10 years of selling property in Dubai experience and we can go the extra mile for you.

Our experienced agents know the ropes and laws and can help guide you through the process while helping to sell your home quickly. They will also have sharp eyes to spot when a mistake is being made and can correct that mistake in a timely manner before you sell so you do not lose out on a sale.

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