Resale Property in Dubai
The trend of resale property in Dubai has been opened since the legislation allowed expats and foreigners to rent and buy property in Dubai. Many investors have considered resale property in Dubai as a profitable business with outstanding returns if done the right way.
Common Reasons for Resale of Property in Dubai
- The market is ideal for selling property.
The most common reason for the resale of property in Dubai is when market becomes ideal for selling property. Investors are on the lookout on market trends so they can sell their property at a good price from many interested clients. The indication of an ideal market is when there are more buyers than sellers, making your sale prices to go up because of increased competition.
- You cannot afford to continue payment.
Due to unforeseen circumstances (like the loss of job, business bankruptcy or a serious illness), some property investors are unable to continue the payment of their properties. With the payment already met halfway, and to avoid debts in the future, the best option is to go for a resale.
- You want to buy new property.
As we mature in age, the properties we need also changes to suit our lifestyles at different times of our lives. For example, a bachelor who is getting married will opt for a property resale studio to buy a larger home like a 1-bedroom or 2-bedroom apartment. Couples, meantime, move to a more child-friendly home in a location near schools and leisure places. For this move, resale is the best option to get your revenue back to purchase your new property.
How to Resale Property in Dubai
- Find the best platform / agent to sell your property.
Resale of property in Dubai is best with a property website like dxboffplan.com where you can enlist and publicize all your properties for sale. This third-party platform will serve as an agent that will find the best clients for your resale property in Dubai. You have to sign an agreement called Form A with the broker to market your property. This form will also indicate the commission of the agent.
- Secure the necessary property documents.
To prepare the Form A, here are the documents you need to secure for your agent:
- Copies of Title Deed (and Oqood for off-plan property)
- Passport with UAE Residence Visa
- Emirates ID
- When the agent finds a buyer, a Form F must be secured.
Upon agreement with the buyer on the price of the property, a Form F needs to be sign by both the seller and the buyer. The Form F details the conditions of sale between the buyer and the seller. If the payment should be done through mortgage, the bank shall conduct a professional property valuation through a third party to give an unbiased value of the property based on current market trends.
- Settle all mortgage payments.
For mortgaged properties, a liability letter from the bank should requested. Then, you need to get an No Objection Certificate or NOC from the developer. The developer will require the same documents indicated in step 2 of the process. Once the NOC is issued, the seller with finance, will go to the DLD trustee office to block the property in to the buyer’s name. For mortgage, it would be the buyer’s bank that will settle for the seller. If the buyer is not getting mortgage, the seller’s mortgage is settled directly.
- Transfer ownership at Dubai Land Department.
The seller, the agents, and the mortgage consultant, will need to go to the Dubai Land Department trustee office for the transfer of the ownership. The things to bring are original passport, original title deed, clearance letter, and Emirates ID to have the new Title Deed issued on the name of the buyer. The payment will be received on the same day as the transfer. The transfer fees should be paid to the Dubai Land Department office. (Properties in Dubai International Financial Centre or DIFC apply a different method)
How to Buy Resale Property in Dubai
If you are planning to buy resale property in Dubai, here are some of the things you need to know:
- If you plan to live in the apartment you bought, you have to apply for a residence visa.
- If you merely want to a temporary visa as an investor, there is a six-month visa called the “Property Holders Visa”. To qualify for this visa, the property that you must invest in is a property should have a value exceeding one million dirhams (about $272,000) and the property must be bought by a private individual, and not a company.
To-let landlords and expats who are starting a new job in Dubai can choose from a selection of resale opportunities in Dubai. One of the best places to find the latest resale properties in Dubai is dxboffplan.com. Explore our resale property in Dubai option now!