The complete selling process takes approximately 1 months after having an agreed buyer.
Marketing your property across a wide range of portals and avenues helps find a buyer and prevent void periods
Highlight the bestselling aspects of your property and give the buyers a reason to present an offer.
Understand the market pattern and identify the prices of properties similar to yours. Remember that prices advertised and finalized prices are different. Set prices that align with the market to avoid delays in finding the right buyer.
Ensure the viewing timings are flexible for the potential buyers to visit and speed up the selling process.
Prepare the necessary documentation. This includes the Sales & Purchase Agreement (SPA), the title deed, floor plans, and a location map.
Produce a liability letter from the bank that you have the mortgage on your property with. Once you do, the buyer’s bank will then arrange to pay off your mortgage. You may be asked to sign a few documents pertaining to authorizing your bank to accept the settlement of the loan and instructing the bank to release the property documents once the mortgage is settled. The buyer’s bank will pay off the mortgage while your bank issues the clearance documentation.
The next step is to submit a copy of the NOC to the buyer’s bank. The bank will then take about 2-3 days to prepare the final documentation for the property transfer. You would then need to meet with the buyer, the buyer’s bank, agent and the mortgage consultant at the developer’s office (if it is a property under construction) or at the Dubai Land Department to initiate the transfer.