If you are planning to sell your property in Dubai, it is important to understand the Real Estate Regulatory Agency (RERA) process. RERA is the regulatory body responsible for regulating the real estate sector in Dubai. It was established in 2007 to ensure transparency, fairness, and accountability in the real estate market. In this blog, we will discuss the RERA process for selling a property in Dubai.
Step 1: Valuation of the Property
Before you can sell your property, it is important to get it valued by a registered valuer. This is an important step because it will help you determine the correct market value of your property. The valuer will also provide you with a valuation report that you will need to submit to RERA as part of the selling process.
Step 2: Listing the Property with a Registered Broker
Once you have a valuation report for your property, you will need to list it with a registered real estate broker. It is important to choose a broker who is registered with RERA because they have the necessary licenses and qualifications to handle the selling process. The broker will list your property on the Dubai Land Department (DLD) website and other real estate portals to attract potential buyers.
Step 3: Obtaining a No-Objection Certificate (NOC) from the Developer
If your property is located in a development that is not yet completed, you will need to obtain a No-Objection Certificate (NOC) from the developer before you can sell it. The NOC confirms that all outstanding payments related to the property have been cleared and that there are no outstanding maintenance fees or penalties.
Step 4: Obtaining a Title Deed
If your property is located in a completed development, you will need to obtain a Title Deed from the Dubai Land Department (DLD). The Title Deed confirms that you are the legal owner of the property and that it is free from any liens or encumbrances.
Step 5: Marketing the Property
Once your property is listed with a registered broker, they will market it to potential buyers. The broker will arrange viewings and negotiations with interested buyers and handle the paperwork and legal procedures involved in the selling process.
Step 6: Receiving an Offer
When a potential buyer makes an offer for your property, the broker will present it to you for consideration. You have the right to accept or reject the offer or negotiate the price and terms of the sale.
Step 7: Signing the Sale and Purchase Agreement
If you and the buyer agree on the price and terms of the sale, a Sale and Purchase Agreement will be drawn up. The agreement will outline the details of the sale, including the price, payment schedule, and any other conditions agreed upon by both parties.
Step 8: Paying the Transfer Fees
Once the Sale and Purchase Agreement is signed, the buyer will pay the transfer fees, which include the Dubai Land Department (DLD) transfer fee and the registration fee. The fees are calculated based on the sale price of the property and are usually split between the buyer and the seller.
Step 9: Transferring the Ownership
Once the transfer fees are paid, the ownership of the property is transferred to the buyer. The Dubai Land Department (DLD) will issue a new Title Deed in the name of the buyer, confirming their ownership of the property.
Step 10: Releasing the Property
After the ownership of the property is transferred to the buyer, you will need to release the property to them. This involves handing over the keys and any other relevant documents related to the property.
Summary
In conclusion, selling a property in Dubai involves following the RERA process, which includes getting a valuation of the property, listing it with a registered broker, obtaining a NOC
Luke Stays Luxury Real Estate can help you facilitate a smooth sale transaction of your property under RERA guidelines through our RERA qualified professional brokers. To find out more about what your property is worth and what fees you are likely to incur contact us today.
