Step 1: Be aware of the time frame
The entire selling process will take at least six weeks, once you have an agreed buyer.
Step 2: Market your property
Find a buyer and prevent void periods by marketing your property across a wide range of media avenues.
Step 3: Make your property stand out
You'll need one during and after the purchasing process.
Step 4: Understand your price
Understand 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.
Step 5: Be flexible with viewings
Ensure flexibility of viewing timings to increase the speed of the selling process.
Step 6. Organize your paperwork
Prepare the necessary documentation. This includes the Sales & Purchase Agreement (SPA), the title deed, floor plans and a location map.
Step 7: 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 authorizing 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.
Step 8: Transfer of Ownership
The 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.
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.