Unique Properties - "Sellers Guide" Guide

With the ever-evolving regulations in purchasing or selling a property in Dubai, the need for professional RERA-certified and registered Sales Consultants, who are familiar with the processes involved with each of the Developers and the DLD, becomes even more crucial to ensure correct and smooth property sale transfers.  If certain critical steps are not conducted in a professional and timely manner, your property sale might be put at risk. Unique Properties understands the intricacy of property matters and is always up-to-date with changing laws & regulations, ensuring that in turn our Sales Consultants act with the diligence required to ensure that your property transfer is handled professionally and carefully, giving you a simple and hassle-free experience.

In addition to dealing with banks, governmental bodies, regulatory authorities and other companies on your behalf, our Sales Consultant services include:

• NOC application
• Mortgage advisory, discharge and completion
• Service fee calculations and adjustments
• Property title registration
• Application for utilities and other services if requested (i.e. Du, Etisalat, DEWA)

Here at Unique Properties, we take care of all the necessary documentation and requirements so that you can rest assured that everything has been followed as per rules and regulations.

The Seller’s Guide

Benefits

Regardless of whether you’re a seasoned property owner or new to the process, the services of our professionals can make the entire procedure easier for all parties involved. Unique Properties’ Sales Consultant will keep you well-informed of the current property laws and regulations. Our Sales Consultants will also ensure that you meet all the legal requirements to sell your property.

Your Sales Consultant:

• Provides you with a simple checklist of your pre-transfer requirements and responsibilities
• Informs you on the status of your sale
• Proposes solutions to any problems that arise so that the process continues without a hitch
• Delivers a detailed breakdown of the finances you will receive after the transfer
• Coordinates with relevant government departments
• Communicates with your lenders to guarantee that outstanding finance on your property will be settled
• Guarantees full coordination and attendance at your property transfer to ensure the transfer is completed

The Process

No Objection Certificate (NOC)

If there are no outstanding fees levied against the property, an NOC—No Objection Certificate—is issued by the developer stating so. The developer will charge a fee that the owner of the property must pay.

The Mortgage

A liability letter from your lender is required if there is a mortgage registered to the property you are selling. It should be requested after the buyer has signed the offer documents because they are usually only valid for up to 15 days. Your Sales Consultant will forward the original copy of the liability letter to the incoming lender so that they can settle as soon as possible.

Required Documents

Your Sales Consultant will instruct you to compile all the documentation required to finalize the transfer. You must provide information that is factual and correct, and have both originals and copies created of the required documents. Inability to provide these documents in a timely manner may delay the process.

Finances

A breakdown of all the finances, such as the maintenance fee, service charges, and the fee to discharge your current finance on the property and obtain the title deeds from the lender, will be provided by your Sales Consultant.

Utilities

You must settle and disconnect your electricity and water before the transfer is complete. To settle it, you must firstly obtain the final bill from Dubai Electricity and Water Authority (DEWA), clear the balance, and request a clearance letter. You could either do the same for your TV, internet, and landline connections or have those accounts transferred to your new home.

Title Deed

Once the transfer is finalized a new title deed will be issued to the buyer in their name within 24 hours.

Handover

Once the property transfer is complete and you have received the payment, all keys and controllers will be handed over to the purchaser by the Sales Consultant.

The Buyer’s Guide

Benefits

Purchasing a property is a major investment and if you are new to the market or don’t quite understand it, it could also be a frustrating and adverse experience.

We suggest that you consult a Unique Properties Sales Consultant before you sign any purchase contract for property, so that you understand your rights and responsibilities relating to property purchase in the UAE.

Your Sales Consultant:

• Will provide you with a simple checklist of your pre-transfer duties
• Proposes solutions to any problems that arise so that the process progresses without a hitch
• Explains the conditions of your finance approval and will help you meet them and provides you with a breakdown of the figures you need to meet in the transfer and settlement process.
• Informs you on the status of the transfer
• Guarantees full coordination and attendance at your property transfer to ensure the transfer is completed
• Ensures that the title deed is clear and handed over to you

The Process

Since purchasing a property is one of the biggest decisions and investments of a person’s life, it is important to understand the process.

Existing Finance

Early in the process, you should figure out if there is existing finance on the property and which lender it’s from and then share these details with your Sales Consultant.

Payments

The amounts that need to be paid to the developer, Dubai Land Department, and real estate agency will be broken down for you in a statement provided to you by the Sales Consultant.

Your Duties

Your Sales Consultant will instruct you to compile all the documentation required to finalize the transfer. You must provide information that is factual and correct, and have both originals and copies created of the required documents. Inability to provide these documents in a timely manner may delay the process.

 

Finances

If there are any specific requirements or conditions set by your lender, make sure to tend to them a couple of weeks before the settlement date.

At least three working days before the deal is finalized, the exact amount needed for the purchase should be in your back account. Then you’ll be able to obtain Manager’s Cheques for the relevant parties, ready for the transfer day.

Building Insurance

Since building insurance is mandatory in the UAE, the lender will be sure to include this with your mortgage.

Title Deed

Once the transfer is finalized a new title deed will be issued to you in your name within 24 hours. However, the bank will keep the deed until any mortgage registered against the property is paid off.

Handover

Once the property transfer is complete and the seller has received the payment, all keys and controllers will be handed over to you by the Sales Consultant.

Utilities and Services

Since most utility and service providers need to see a title deed before they set up a connection, you must present a copy. If you have taken a mortgage, you must obtain a copy from your lender. Our Sales Consultant can also acquire a copy for you, so inform them of this early on so that they can obtain it for you. Feel free to also ask how to go about connecting other services or subscriptions.

Disclaimer: While every effort has been made for the guides to be as comprehensive as possible, Unique Properties provides no warranties for final accuracy of the information presented herein and facts may change without notice. We recommend that you discuss your purchase with a Unique Sales Consultant before you enter a contract of sale.