Currently, increased activity can be seen in the real estate market in Dubai. Investors are buying up first hand elite residences like One at Palm Jumeirah and second hand housing units. Sellers have also become more active as many of them want to augment their capital by growing prices. Here are some tips on how to sell a property unit in a timely and cost-effective manner.- property sellers
The presentation of real estate
To get the best chances for a well-timed and profitable transaction, you need to make the unit the most presentable. A homeowner should just make sure that any breakdowns, cracks, defects, or maintenance issues are repaired before putting their property up for sale. In addition, he can invest in a new paint, if necessary, and the cleaning company’s services. Villa owners should also take care of the garden, giving it the most fabulous look.
Sometimes buyers lack imagination and investment experience to realize that the accommodation unit they are considering, will be their dream home after renovation. It makes the creation of an emotional connection between potential buyers and a property, with the help of the best first impression, the key moment. Visit Here
Market assessment
Proper price formation is crucial in the process of selling. A seller should evaluate the market and analyze location, property type, and the number of amenities affect the value of the properties offered by his competitors. After that, he will only have to build on the received information in the process of forming his own price.
Putting housing units for sale- property sellers
In order to register a property, the seller should sign Form A and provide a copy of the title deed and an identity document to the Dubai Land Department. Form A is a contract between a seller and a broker. It sets out all the conditions that the seller must comply with in the process of conducting a transaction.
The advertising of properties- property sellers
Approximately 70% of homes are sold in the first 4 weeks after entering the market. Professional photos and beautiful descriptions, created by experts and posted on all available portals, will provide the widest audience possible. Also, ads on social networks and email newsletters assists in generating a database of potential customers. The key is to have the right agent who has access to the various marketing channels and understands their dynamics.
Property showing to potential buyers- property sellers
Agents also take care of arranging property showings for potential buyers. As industry experts, they not only show the property, but also provide information and answers to questions about the unit, area, price, and all related factors connected with the transaction. After that, the agent will inform the seller about reliable potential buyers and facilitate negotiations on their behalf.
Negotiations between a seller and a buyer
As soon as a serious buyer appears, both parties will agree on the price and the transaction terms through negotiations with the help of agents. This is where the professional qualification matters the most, as the real estate agent should justify the established value with facts and market trends. Sometimes he needs to convince a buyer to provide a deposit check for 10% of the house price to give evidence of a serious commitment. Once agreed, both parties will be required to sign a Memorandum of Understanding. It can also be created and signed electronically.
What if the house was purchased using a mortgage?
The buyer should resolve all issues connected to the seller’s mortgage before issuing a No Objection Certificate. This will require the participation of a bank. To save time,, it is best to contact a lender on the day the Memorandum of Understanding is signed. He will issue a letter of guarantee on liability upon request. This may take up to 2 weeks in some banks. If the buyer pays in cash, a property freezing procedure will be carried out at the Dubai Land Department trustee’s office. This will protect the buyer when the seller’s mortgage is paid off. If he plans to get funding, the buyer’s bank will coordinate directly with the seller’s bank to simplify the process.
Applying for a No Objection Certificate
All parties meet in the developer’s office to apply for a No Objection Certificate. The developer confirms if there are any maintenance, utility, and installment debts that should be completely eliminated. Then an application fee will be charged, ranging from AED 500 to AED 5,000. It usually takes up to 5 business days to process it.
Obtaining a No Objection Certificate
After the certificate is issued, the parties can apply to the managing office of the Dubai Land Department to formally transfer ownership. A buyer should provide:
- The receipt of payment for real estate;
- The transfer fee receipt in the amount of 4%;
- An administrative fee not exceeding AED 4,000.
How to find a reliable agency
Both sellers and buyers of real estate should give preference to reliable agencies with a long track record. Ax Capital has won the trust of clients with highly qualified specialists and rich experience. Visit the official website of the company and contact representatives for a quick and profitable buying and selling transaction.
