If you're planning to sell your property in Dubai, it's important to understand the process regulated by the Real Estate Regulatory Agency (RERA). RERA ensures transparency, fairness, and accountability in Dubai's real estate market. Here's a simplified guide to the RERA process for selling a property in Dubai.
Step 1: Property Valuation
First, get your property valued by a registered valuer. This helps you know the correct market value of your property. You'll receive a valuation report that you need to submit to RERA.
Step 2: List with a Registered Broker
Next, list your property with a RERA-registered real estate broker. Registered brokers have the necessary licenses and qualifications to handle the selling process. They will list your property on the Dubai Land Department (DLD) website and other real estate portals to attract buyers.
Step 3: Obtain a No-Objection Certificate (NOC)
If your property is in an incomplete development, get a No-Objection Certificate (NOC) from the developer. This confirms that all payments and maintenance fees are cleared.
Step 4: Obtain a Title Deed
If your property is in a completed development, obtain a Title Deed from the DLD. The Title Deed proves you are the legal owner and that the property is free of liens or encumbrances.
Step 5: Market the Property
The broker will market your property, arrange viewings, negotiate with potential buyers, and handle the legal paperwork.
Step 6: Receive an Offer
When a buyer makes an offer, the broker will present it to you. You can accept, reject, or negotiate the offer.
Step 7: Sign the Sale and Purchase Agreement
Once you agree on the price and terms, a Sale and Purchase Agreement will be drawn up, outlining the sale details including price and payment schedule.
Step 8: Pay Transfer Fees
After signing the agreement, the buyer will pay the transfer fees to the DLD, which are usually split between the buyer and seller.
Step 9: Transfer Ownership
Once the fees are paid, ownership is transferred to the buyer. The DLD will issue a new Title Deed in the buyer's name.
Step 10: Release the Property
Finally, hand over the keys and any relevant documents to the new owner.
By following these steps, you can navigate the RERA process for selling your property in Dubai smoothly and efficiently.
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