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If you’re wondering how to sell your property in Dubai from abroad, especially without a resident visa or a UAE bank account, the process is not as complicated as it might seem. With the right guidance and support from a reputable real estate agency, selling property in Dubai as a foreigner can be relatively straightforward. An experienced real estate agent can guide you through the process, and here’s a step-by-step outline.
Step-by-Step Guide to Selling Your Property in Dubai from abroad
1. Choose a Reputable Real Estate Agency
Selecting a reputable real estate agency is crucial when selling a property in Dubai from abroad. Look for an agency with a solid track record, positive reviews, and experienced agents who can navigate the process. Ensure the agency charges reasonable fees and commissions, as these can vary.
2. Dubai Real Estate Marketing
Once you’ve chosen a reputable agency, they will handle the marketing process. The agency must have a copy of the Title Deed/Oqood and the owner’s passport copy to verify ownership and comply with Dubai Land Department regulations. The seller must sign a digital contract (Form A) through the Dubai Land Department to formally instruct the agency to market the property.
3. Marketing and Viewings
Discuss with your real estate agent whether the property is vacant or tenanted. If tenanted, provide rental details and discuss viewing arrangements with your tenant. If the property is vacant, consider professional cleaning. The agency will market the property through various channels and arrange viewings with potential buyers.
4. Negotiations
When an interested buyer is found, the agent will secure an offer and request a 10% security deposit from the buyer. The agent will present the offer and discuss transaction terms. Once the price is agreed upon, a memorandum of understanding (Form F) will be drawn up and signed by both parties.
5. MOU – Form F
The Form F (MOU) details the sale particulars and is drawn up digitally via the Dubai Land Department. Both parties review and approve the Form F digitally, ensuring all details are correct.
6. Selling a Mortgaged Property
If your property is mortgaged, you can still sell it without paying off the mortgage. Obtain a liability letter from your bank outlining the outstanding amount. The buyer will need this letter to clear the seller’s mortgage.
7. NOC (No Objection Certificate)
Apply for an NOC from the property developer to ensure no outstanding debts or disputes. This can be done online. If you cannot attend the transfer, delegate someone through a Power of Attorney.
8. Clearing and Settling the Seller’s Mortgage
A “property blocking” procedure at the Dubai Land Department ensures the property is only sold to the buyer. The buyer prepares several cheques, including one for the outstanding mortgage. Once the mortgage is cleared, the bank issues a release letter and the original title deed.
9. Transfer and Receive Funds Without a UAE Bank Account
If you don’t have a UAE bank account, you can receive payment via a manager’s cheque or authorize someone through a Power of Attorney to collect funds on your behalf.
Conclusion
Selling a property in Dubai involves several steps, but with the right support, it can be straightforward and hassle-free, even from abroad. By choosing a reputable brokerage firm, following regulations, and working with experienced agents, you can ensure effective marketing and achieve the best possible price.