Dubai Seller's Guide

Guide to Selling in Dubai


The Home Selling Process

The following are designed to provide a basic, step-by-step guide to selling your home in Dubai. Please note, the processes are updated periodically by the Dubai Land Department, the developers and the banks themselves.

Ultimately, My Island Real Estate will be on hand to manage your experience, ensuring your risk is controlled and that you are in control throughout.

Cash Seller Selling to Cash Buyer

Instruct an Agent
Call My Island Real Estate (MIRE) for expert advice and valuation. Our Consultants are trained to provide guidance regarding how to best present your property, and will always reply with honest, constructive feedback from the market – ensuring you are armed with all you need to secure a swift sale.

Accept an Offer
Once a Buyer is identified, our consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding). A 10% deposit is paid to MIRE, held in trust on your behalf.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms the you have no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer. The NOC is applied for in the developer’s office and takes approximately a week to be returned. Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee ( Emaar – regular or express ). In addition, Buyer pays AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name. This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers. All payments are made in cleared funds, (Manager Cheques) and the Title Deed confirming the Buyer as the recognized owner is issued immediately. Unless negotiated differently, your Buyer is responsible for DLD fees 4% of purchase price + AED 315.00 admin fee + AED 4000.00 transfer centre fee.

Congratulations!
It’s time to determine what you’re going to spend your hard-earned money on.
Alternatively, contact your MIRE consultant to identify the next opportunity to increase those savings…

Cash Seller Selling to Finance Buyer

Instruct an Agent
Call My Island Real Estate (MIRE) for expert advice and valuation. Our Consultants are trained to provide guidance regarding how to best present your property, and will always reply with honest, constructive feedback from the market – ensuring you are armed with all you need to secure a swift sale.

Accept an Offer
Once a Buyer is identified, your MIRE consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding). A 10% deposit is paid to MIRE, held in trust on your behalf.

Valuation
The Buyer’s bank will instruct a valuation which is completed by one of their registered surveyors. Valuations are designed to ensure the property you’re selling is worth the amount you have agreed to sell it for.

Mortgage offer
Upon a satisfactory valuation, the next step is for the Buyer’s bank to formally issue a mortgage on the property. Your money is now being prepared…

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms you have no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer. The NOC is applied for in the developer’s office and takes approximately a week to be returned. Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee ( Emaar – regular or express ). In addition, Buyer pays

AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name. This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers. All payments are made in cleared funds, (Manager Cheques) and the Title Deed confirming the Buyer as the recognized owner is issued immediately. Unless negotiated differently, your Buyer is responsible for DLD fees; 4% of purchase price +

AED 315.00 admin fee + AED 4000.00 transfer centre fee.

Congratulations!
It’s time to determine what you’re going to spend your hard-earned money on. Alternatively, contact your PHP consultant to identify the next opportunity to increase those savings…

Finance Seller Selling to Cash Buyer

Instruct an Agent
Call My Island Real Estate (MIRE) for expert advice and valuation. Our Consultants are trained to provide guidance regarding how to best present your property, and will always reply with honest, constructive feedback from the market – ensuring you are armed with all you need to secure a swift sale.

Accept an Offer
Once a Buyer is identified, your MIRE consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding). A 10% deposit is paid to MIRE, held in trust on your behalf.

Seller Applies for Liability Letter (mortgage statement)
You will need to request your bank to provide the exact amount owing to them. This process typically takes approximately a week and has a shelf life of 14 days from date of issuance. This letter typically costs AED 1000.00.

Buyer Pays Finance Off
Where you are unable to do so, your Buyer settles your finance, naturally, deducted from the purchase amount owed on Transfer. Prior to your Buyer making payment, both parties (or their appointed Power Of Attorney), agree to meet in the DLD. A ‘Manual Transfer’ is now executed. This process requires the Buyer issuing payments (as Managers Cheques) to the your bank (liability amount), the outstanding balance payable to the you (your equity) and all Transfer & Professional fees. With the exception of the liability amount, all Managers Cheques remain in the custody of the DLD until transfer is complete. The DLD now register the property in the name of the Buyer. You are now comfortable the Buyer has made all payments, and the Buyer is secure in the knowledge that the property is registered to them – with Title Deed being released upon completion. Both parties now visit the your bank and the Managers Cheque for the liability is released. Clearance of your loan takes approximately one week, where after a clearance certificate is issued to the Buyer – this is required to apply for the NOC. As with all stages of the home buying process, MIRE will guide you, managing all of your exposure.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms you have no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer. The NOC is applied for in the developer’s office and takes approximately a week to be returned. Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee (Emaar – regular or express). In addition, Buyer pays AED5,000 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name. This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers. All payments are made in cleared funds, (Manager Cheques) and the Title Deed confirming the Buyer as the recognized owner is issued immediately. Unless negotiated differently, your Buyer is responsible for DLD fees; 4% of purchase price + AED 315.00 admin fee + AED 4000.00 transfer centre fee.

Congratulations!
It’s time to determine what you’re going to spend your hard-earned money on.
Alternatively, contact your MIRE consultant to identify the next opportunity to increase those savings…

Finance Seller Selling to Finance Buyer

Instruct an Agent
Call My Island Real Estate (MIRE) for expert advice and valuation. Our Consultants are trained to provide guidance regarding how to best present your property, and will always reply with honest, constructive feedback from the market – ensuring you are armed with all you need to secure a swift sale.

Accept an Offer
Once a Buyer is identified, your MIRE consultant will manage the offer process to ensure you secure the best possible deal.

Sign the Contract
Both parties sign a legally binding contract, an Agreement Of Sale (also known as an MOU – Memorandum of Understanding). A 10% deposit is paid to MIRE, held in trust on your behalf.

Valuation
The Buyer’s bank will instruct a valuation which is completed by one of their registered surveyors. Valuations are designed to ensure the property you’re selling is worth the amount you have agreed to sell it for, and that it is structurally sound – obviously it is, isn’t it?

Mortgage offer
Upon a satisfactory valuation, the next step is for the Buyer’s bank to formally issue a mortgage on the property. Your money is now being prepared…

Seller Applies for Liability Letter (mortgage statement)
You will need to request your bank to provide the exact amount owing to them. This process typically takes approximately a week and has a shelf life of 14 days from date of issuance. This letter typically costs  AED 1000.00.

Bank-to-Bank Payment
Your liability letter will be forwarded to the Buyer’s bank, which coordinates to meet and pay down your loan. The Buyer’s bank sends a representative with a physical Managers cheque (cleared funds) for your mortgage amount. The settlement process typically takes a week, after which, the ownership documents are released to the Buyer’s bank – which are required for the next step in the process. Congratulations! You are now mortgage free.

NOC
Both Buyer and Seller apply for a No Objection Certificate, both must be present (or their appointed Power Of Attorney). This process confirms you have no outstanding debt on the property. Typically, the Seller pays the service & maintenance fees owed for the whole calendar year, subsequently reimbursed pro-rata by Buyer on Transfer. The NOC is applied for in the developer’s office and takes approximately a week to be returned. Seller is responsible for paying the AED 1,000.00 fee ( Nakheel ) or the AED 1,500.00 – AED 5,000.00 fee (Emaar – regular or express). In addition, Buyer pays

AED 5,000.00 refundable bond, this in repaid once copy of title deed in name of Buyer is registered with the developer.

Transfer
The property is transferred into the Buyer’s name. This process is completed in the Dubai Land Department (DLD), or one of it’s appointed transfer centers. All payments are made in cleared funds, (Manager Cheques) and the Title Deed confirming the Buyer as the recognized owner is issued immediately. Unless negotiated differently, your Buyer is responsible for DLD fees; 4% of purchase price +

AED 315.00 admin fee + AED 4000.00 transfer centre fee.

Congratulations!
It’s time to determine what you’re going to spend your hard-earned money on. Alternatively, contact your MIRE consultant to identify the next opportunity to increase those savings…

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