Dubai Real Estate Seller Guide Use our Seller s Guide to give you the knowledge on the steps that need to be taken in order for you to ensure that your property is marketed effectively and is ultimately sold to the right person at the right price. Listing your Property In order to successfully list your property for sale with us, we will need a signed Seller Agency Agreement known as Form A, a copy of your passport and the ownership documents as followed: If property is Under Construction: o The 1st page of your Property Sales Agreement o The payment schedule o The receipts for the amounts that you have paid the Developer o The floor plan of the property o The keys to the property If property is completed: o The Title deed or 1st page of your Property Sales Agreement o Owner s Passport Copy o The Completion Certificate for Payments o The floor plan of the property o The keys to the property Please Note: All completed properties are required to be registered with the Lands Department before a successful transfer can be completed to a new owner. This cost will be charged to the Seller Appraisal of Your Property Once you ve signed the Agency Agreement (Form A), we will arrange an appointment to conduct an appraisal of your property. You will be issued with a comparable market analysis of similar properties that are correctly listed in your area, and also properties that have recently been sold to give you an indication of the price you can expect. Marketing Your Property Once you have decided to sell your Dubai, the next step is to seek a market appraisal from our agent s unique marketing strategy. This information will help determine a likely price range and the method of sale by conducting a research thru checking the existing market price and their experience in the local market will give you advice as to where your property sits in the market.
Agreeing To Sell Your Property Once you ve accepted an offer from a prospective buyer, an agreement known as a Memorandum of Understanding (MOU) or Sales & Purchase Agreement (SPA) needs to be signed between both you and the buyer. This agreement highlights the terms and conditions agreed, and the buyer shall pay a deposit of up to 10% of the value of the agreed price which will be held by Provident Estate in trust until the transfer date. Conveyance Services Once the MOU/SPA has been signed for the sale of your property, the complex (and at times stressful process) known in Dubai as a Transfer needs to be conducted in order to transfer the property from your name into the new owners name. This process will be handled by Provident estate preferred conveyencing partners who provide a full, professional and transparent service. The Conveyance team deal with developers, lenders and government bodies every day, and understand all of the necessary requirements, procedures, policies and processes, freeing you from the need to become a property transfer expert. They will deal with everything on your behalf and should you be unable to attend the transfer, we can arrange to complete the transfer on your behalf under a Power of Attorney. Service Fee 2% 3% for the sale of the property as brokerage fee Buyers's Guide Home / Buyer's Partners Dubai Property Market Buying or selling a property in UAE is a complex affair. Dramatic price inflation that started in 2000 was followed by equally dramatic falls in 2009 and smaller drops in 2010.New regulations have frequently been introduced over the years by RERA. RERA has been constantly formulizing and standardizing these regulations making them as transparent as possible. Before you buy or sell a property, you should have a clear idea of costs, procedures, laws and expectations. Freehold Property In 2002, Sheikh Muhammad bin Rashid al Makhtoum, crown prince of Dubai, passed the law that non-uae nationals can buy in areas designated specifically for expatriate freehold and leasehold sales. Most property in Dubai available for purchase by non-nationals is freehold. The areas where expatriates can currently purchase property are Discovery Gardens, Dubai Investments Park, Dubai Marina, Jumeirah Beach Residence, Jumeirah Lake Towers, Emirates
Living, The Meadows, The Springs, The Lakes, The Greens, Palm Jumeirah, Arabian Ranches, Falcon City, The Villa, Al Barari, Dubai Sports City, Motor City, Green Community, Downtown, Old Town, Business Bay, International City, IMPZ, Jumeirah Village and Jumeirah Islands Leasehold Property You can also buy property on leasehold in some areas for 99-year leases. If you buy on leasehold, you will have to pay maintenance and repair cost and conditions for residency. You will have to pay ground rent to the owner of the land. Before entering into leasehold agreement, you should check that the seller is up-to-date with ground-rent payments set by RERA. Your agents can assist you at each step. Investment or Home If you choose your property carefully there is a potential to make sound investment for either rental income or to live-in. If you are planning a long-term use of the property as your main home, you may need to think about your requirements depending on your family size and location. If you are planning an investment, you should be looking at areas that guarantee best appreciation in the long run and high return-oninvestment on buy-to-let properties. How much you can afford to spend If you are a cash buyer, you know how much you can spend. If you are getting it financed, you should do your maths. Do your homework first and get quotes from mortgage providers based on your income level. A mortgage consultancy will assess your circumstances, choice of property and financial eligibility to get pre-approval. Be Aware of Additional Fees and Service Charges Bear in mind that buying a property does not end with the purchase and its related fees. You will have to pay for title deed registration, transfer fees amounting to 2% of the purchase price. Confirm with your property consultant latest applicable official fees as well as that charged by your agent. Most properties have service fees and cooling charges. Check that with the agent too. Do Market Research for your Dream Property
Visit different areas in Dubai, check out the surroundings, speak to people living in these areas, do secondary research on internet, take pictures of properties you like and form a list of your preferred properties. Decided on one of the agents to guide you with property viewings and get property valued by professionals. Choose an Agent When buying or selling, always check that the real estate agent is registered with RERA, which is there to safeguard and protect your rights. In UAE, the purchaser must pay a fee to the agency that finds and secures their desired property; estate agents and brokers in Dubai are not entitled to a comission or fee for service until the sale is settled and completed. The fee is usually around 2% of the purchase price of property. An excellent government website that collates all relevant laws, fees and information related to property purchase is rpddubai.ae (Dubai Land Department). Flash Properties is a RERA compliant consultant & broker with RERA certified agents. Our website provides comprehensive information about properties in Dubai. You can call us at 04-3760880 for any enquiries Have all your paperwork ready Required documentation includes For Individuals 1. Passports 2. Signed Buyer Agreement (Form B) For Companies 1. Certificate of Incorporation 2. Memorandum and Articles of Association 3. Board Resolution 4. Power of Attorney 5. Signed Buyer Agreement (Form B) For Overseas Companies 1. Same as UAE registered companies but all documents must be attested by UAE Embassy. 2. Signed Buyer Agreement known as Form B Open a Local Bank Account
If you are an overseas buyer, it is not necessary to have a local bank account. However, you can have a non-resident bank account to ease your transactions. Mortgage Buyers On top of the purchase cost and deposit required, if you are a mortgage buyer, the charges incurred by property purchaser securing a home with a mortgage are as follows: Real estate agent/broker fee: 2% of purchase price Mortgage arranged via bank/lender: 1% to 1.25% mortgage processing fee based on value of loan (subject to change with time). Legal Help It is not required to secure the use of a lawyer for property transactions in UAE, but you may wish to employee legal help to see you through the process. Costs vary depending on whose services you use. If engaging services of broker or mortgage provider, typical cost is 0.5% of property price ( as of Feb, 2013). Make an Offer When you have decided on the property you want and have decided on how much you are willing to pay, your Agency will negotiate the price on your behalf with the seller. At this stage, you may wish to see Title deed of the property and confirm ownership of property with the Land Department. Seller Accepts Offer When seller accepts offer, you will be asked to put down cheque deposit in the name of the seller which will be held with your Agency (this is called Holding Deposit). Your Agency will take care of the paperwork for you to initiate the buying process. MoU will be drafted by the Agency. Once both the parties sign the MoU, Agency will apply for NOC (No Objection Certificate). You will need to submit a copy of your passport with visa page and any other documents needed (mortgage, etc.).
Sales & Purchase Agreement Read the Sale and Purchase Agreement (SPA) before signing. Don't hesitate to clarify any point. Land Department Title Registration Once you receive the No Objection Certificate (NOC) from the Property Developer, you are required to book an appointment for TRANSFER at Dubai Land Department. Your Agency will guide you. The BUYER and SELLER (and BANKS if mortgaged) will attend and sign in front of the Dubai Land Department representative to TRANSFER the ownership. Upon completion of the transfer process, the BUYER will receive the TITLE DEED in their name and the SELLER will receive the Manager's Cheque for the Property. Transfer of DEWA Account Prior to taking Handover of the property, you have to transfer the DEWA account onto your name even if you are planning to lease out your property. The following documents are required to transfer the DEWA accounts: Completed DEWA form duly signed Agreement of Sale DEWA Deposit- AED 1000 for Apartments/ AED 2000 for villas and townhouses (updated Feb, 2013) Passport copy with Residence visa page Note: These requirements are subject to change without prior notice from DEWA. For additional information, please contact DEWA. Tenant's Guide Home / Tenant's Guide Do your Market Research Before you choose a property to rent, you should have a clear picture of your requirements in terms of number of bedrooms, facilities, nearby schools, time to your workplace and best neighborhood options. Take a drive around Dubai to get the feel of different areas. Our website gives you a clear picture of different areas. Our agents are here to assist you with best solution.
How much you can afford on Rent Decide on your budget. Be sure about how much you can spend and the number of post dated cheques you are required to give to the landlord. One or two cheques are standard. You can negotiate on the number of cheques and the rent. Negotiation depends on the popularity of property and area. Your Agency will guide you through this process. Be aware that annual rent amount might rise if you negotiate on number of cheques. Property Viewing Your Agency will help you with viewings of properties. Based on your requirements, you will be taken to your potential homes. Please take your time and make notes of the properties you view. Check for faults, any cooling, water leakage issue. Check for dirty vents. The landlord by law should hand you property in perfect condition. Any concerns should be communicated in writing to the landlord. Do check out your neighborhood amenities: pool, gym, etc. and feel free to ask landlord and our agent any queries. Flash Properties has RERA certified agents with assigned area specialists for all the areas in Dubai. Our experienced agents will assist you with property viewings. Other Rental Costs Extra costs that you should consider while renting the home are Water and electricity deposit is to be paid directly to DEWA and is fully refundable on cancellation of the lease. If your accommodation requires district cooling, you should pay deposit to the cooling company. Your Agency will help you assess the figures. Real estate commission to be paid to the agency which is around 5% of annual rent. A housing fee of 5% of your yearly rent is charged through your DEWA bill, spread across 12 months. If you are renting a villa, you may have to maintain a garden and pay for extra water. Get the Paper Work Ready
Make sure you have all the documents needed to sign a rental agreement. For Individuals Passport Residency Visa For Companies Trade License Passport of the Company owner and tenant Residency visa of the tenant Review Tenancy Contract Your agency will have the rental agreement drafted for you. Review the draft of the tenancy contract. Make sure it includes the payment conditions and who is responsible for maintenance and repairs. By law rental agreement needs to be registered by RERA on its online EJARI system. This will be done by your Agency on your behalf. Review these points carefully in the contract: Landlord and Tenant's name and identification details Payment Terms Duration of the contract Date commencing and ending Agency Commission Refundable Security Deposit Non-negotiable terms as per RERA (Real Estate Regulatory Authority) Moving In for Unfurnished Property Once the tenancy contract has been signed by you and the landlord, the first rental payment has been made and DEWA has been connected, your agency consultant should hand over the keys to you. Please check that kitchen appliances and equipments are working properly. If any concerns, communicate them to the landlord in writing so proper maintenance can be done at landlord s cost. Once the contract is signed, usually minor maintenance is done at tenant s cost. Moving In for Furnished Property If you are moving into a furnished property, your Agency is responsible to make checklist of the furniture, white goods, etc. and make sure everything is in working condition. The Agency does
this on the hand-over date and once green signal is given by them, you can sign the tenancy contract. A copy of this checklist is given to both parties (landlord & tenant) and is re-checked when the tenancy contract expires. Flash Properties ensures peace of mind to its clients. Our agents will do this on your behalf ensuring transparency at every level. Landlord and Seller's Guide Home / Landlord and Seller's Guide Checklist for Listing your Property In order to successfully list your property for sale with an Agency, you will be required to provide the following details: Proof of Ownership against your property (usually 1st page of your Property Sales Agreement or Title Deed) Copy of Passport Floor Plan Pictures of property (optional) In order to register your property with us, please click on LIST YOUR PROPERTY EJAARI REGISTRATION Ejaari stands for my rent in Arabic. It is an initiative by RERA to regulate rental market of Dubai. This new system is part of Law Number 26 of 2007 which regulates the relationship between Landlords and Tenants. The Landlord must pay to register the tenancy contract with Ejari. Your Agency will assist your through the process. Property Marketing We use various mediums of promoting your property which have proven to be very successful. Our website receives thousands of visits everyday and we constantly get a lot of enquiries. We have strong advertising medium in Dubai and also put properties on the most successful online portals. Click on LIST YOUR PROPERTY or call us at 04-3760880 to list your property. Alternatively, you can email us the details at list@flash-properties.com.
Once you list your property with us, rest assured we will find you a prospective client in a short time. Valuing your Property When placing the property in the market in Dubai, you should know what the current market trend is in terms of price. Your Agency will assist you with the process. Flash Properties has experienced area specialists for all the areas in Dubai. Our agents will give you latest and up-to-date information about pricing trends. Re-Sale Terms The terms and conditions applied for resale differ from developer to developer. Your Title Agreement against your property gives you the right to sell. We recommend you contact your Agency for confirmation. Property Transfer On selling your property, an appointment needs to be arranged with the developer to sign transfer documents, exchange money and pay any fees. If you are unable to be present at this meeting, we can arrange to complete the transfer on your behalf under a power of attorney.