So you are ready to sell your residential property?
Have you paid off your mortgage? Is the price you have set realistic? Will prospective buyers be able to make it to the viewing timings you have allotted? There is a lot to think about when you are
selling your property.
Be aware of the time frameThe entire selling process will take at least six weeks, once you have an agreed buyer. Market your propertyFind a buyer and prevent void periods by marketing your property across a wide range of media avenues.Make your property stand outFirst impressions count, so showcase your property in the best possible light to attract buyers.
Find out how we can help.
Understand your priceUnderstand at what price properties similar to yours are selling for. Remember that prices advertised and prices sold at are different. Set realistic prices to avoid delays on generated interest.
Be flexible with viewingsEnsure flexibility of viewing
timings to increase the speed of the selling process. Organise your paperworkPrepare the necessary documentation. This includes the Sales & Purchase Agreement (SPA), the title deed, floor plans and a location map.ConveyancingOur Conveyancing team deals with developers, lenders, and government bodies everyday and are well versed in handling the myriad of necessary requirements, procedures, policies and processes, freeing you from the stress associated with a property transfer. With the help of our conveyancers, you will find the process simple, easy to understand, and professionally managed.
Pay off your mortgage.
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 authorising 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. Transfer of OwnershipThe 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.
Final Step.
If the buyer’s bank issues a guarantee letter, you will receive the cheque for any additional payment a week later. The buyer’s contribution will be paid to you through a manager’s cheque.
