Embedded Files
The presentation of property
Placing high priority on the best presentation of your property (making the property look as presentable as possible) gives you the best chance of selling in a timely and profitable manner. This increases your chances of getting offers and the highest possible price for your property. We recommend that you make sure any cracks, defects or maintenance issues are dealt with before listing your property. We also recommend that you invest in a fresh coat of paint if need be and a full clean of the property along with ensuring that you have a tidy garden, if it is a villa. Buyers don’t always have the best imagination and are not seasoned investors like sellers so triggering that emotional connection with the property is key. Buyers may not realize how minor certain works are so its better to get them out of the way in order to showcase your property in the best way possible.
Carrying Out a Market Appraisal
Your real estate consultant will come to your property to carry out a market appraisal. Proper pricing of the property will have the most influence on selling your property, so getting it right is key. Our agents will carry out a study to give you guidelines on pricing based on development, location and property type, along with planning a strategy for the best possible sale of your home.
Marketing Your Home
Marketing your home right is very crucial in order to get a sale. Roughly 70% of homes sell in their first 4 weeks of coming onto the market. Professional photos and descriptions in listings that are made premium and featured on all available portals will secure to get the widest audience possible. We also generate leads from social media and email campaigns with extended smart reach. This leaves no stone unturned in promoting your property to its fullest extent. Having the right agent who has access to and understands the dynamics of the different marketing channels is key. Many online marketing portals have premium paid tools to help boost exposure and get more eyeballs on the ads.
Showing the property to potential buyers
Your property consultant will arrange for viewings of the property with potential buyers. As an industry specialist, your agent will not only show the property, but be able to offer information and answers to questions about the property, community, price, and all related factors around selling your property. Your agent will report back to you on solid leads, and facilitate negotiations on your behalf (and with your blessing on price range) with potential clients. Giving easy/unrestricted access to the agent is imperative in order to achieve the desired results. The worst thing that could happen is if the agent turns up to the property with a buyer only to find out that the key doesn’t work or the security hasn’t been informed. Making sure the agent has all the necessary documentation to conduct viewings will make sure your property gets the most traffic through the door. This will also make the buyer’s experience more smooth.
Seller and Buyer Agreement Terms
Once there is a serious buyer, both parties would agree on the price and terms by way of negotiation through the agents. This is where a skilled agent is required to build a case for the buyer and seller to agree on a price based on facts and data trends. Sometimes providing a 10% deposit check as an offer can help prove how serious the buyer is. Once agreed, both parties will be required to sign a memorandum of understanding (also known as an MOU and Form/Contract F). This contract may also be generated and signed electronically online by SMS and OTP to eliminate printing and scanning. The buyer will usually issue a 10% security deposit against the property which is usually held with the agency until the time of transfer in exchange for the full payment to the seller. Make sure the agency or their sales progression/conveyance department is clear on the timeline and steps to transact by providing a detailed schedule of what to expect and when during the process in order to avoid any unanticipated surprises.
What if You Are a Mortgage Seller?
The buyer will be required to settle the seller’s mortgage prior to the NOC being issued. This will require the bank’s involvement. To save time with this step, we recommend starting the process with your bank or lender the day you sign an MOU. They will issue a liability letter upon request. This can take up to 2 weeks with certain banks. If the buyer paying cash, there is a process to block the property at the Dubai Land Department Trustee office in order to protect the buyer clearing the seller mortgage. If the buyer is planning to obtain finance, the buyer’s bank will coordinate directly with the seller’s bank to facilitate the process smoothly.
Arranging for Utilities Disconnection
Speak with your utility providers such as FEWA (Federal Electricity and Water Authority) and start the process of disconnection. By now all parties should know a date for transfer and finalizing. Doing so promptly can save any further delays should they arise. This can usually be done online and takes 24-48 hours.
Receiving the NOC
Once the No Objection Certificate (NOC) is issued, all parties can proceed to RAK Municipality to officially transfer ownership in exchange for payment. RAK Municipality requires the purchase price to be paid via a manager’s cheque made payable to the seller on the date of transfer. Additionally, manager’s cheques are required for the 4% transfer fee. Off-plan properties do not incur a trustee office fee, as these transactions are handled directly by the developer. Once all formalities are completed, the DLD issues a new title deed in the buyer’s name. At this stage, the buyer must also settle any prepaid service charges or rental amounts with the seller, calculated on a pro rata basis.
Page updated
Google Sites
Report abuse