Exit strategy. Selling your property.

[alexft]

Hi folks,

Let`s share UAE selling experience/ideas here.


Here is few ideas to kickstart the threat

Using UAE broker selling to locals.

Advertising on totalproperty forum

Online forums, google ads.

Calling potential buyers.

Standing outside property expo with a sign 1 bed apt for sale


How easy or difficult the legal process is? What remedies are offered by UAE property law in case something goes wrong? For example buyer delaying property handover.


Regards,

Alex.

[smile99931]

Hi Alex,
The legal process is very easy in all emirates, especially in Dubai. And all terms are written in the reservation form which you have to read before starting the payments. If any arguments between two parties after that, courts of Dubai will act in this issue. Of course, that will be depended on agreements between two parties that they have signed.

Thanks,
smile99931

[Roshan]

Originally Posted by alexft

Hi folks,

Let`s share UAE selling experience/ideas here.


Here is few ideas to kickstart the threat

Using UAE broker selling to locals.

Advertising on totalproperty forum

Online forums, google ads.

Calling potential buyers.

Standing outside property expo with a sign 1 bed apt for sale


How easy or difficult the legal process is? What remedies are offered by UAE property law in case something goes wrong? For example buyer delaying property handover.


Regards,

Alex.

Alex,

The govt does not come in if there are property delays in the market. Once a sale is confirmed, it involves a simple procedure at the Land department where the title deed transfer is done for a 1% fee of the property.

With regards to quality of the property. The UAE govt passed a stipulation that all the developers are responsible for any defects in construction for a period of 10 years. Whether the developer likes it or not, he has to maintain the property for a period of 10 years.

With the Strata law coming in, a developer no longer has the monoply of charging a high fee for maintenance. With the strata law in place, the investors will form a society and they will be responsible for maintaining the common areas. They will decide what the maintenance charges are.

Regards

Roshan

[mpat]

Alexft
The best way to sell a property in dubai is to give ADVERTISEMENT in GULF NEWS etc with a FULL DISPLAY and u will see a lot of calls , I experienced this in the past,
This forum had been very much useful also in that matter and in any other property related matter.
Bye

[alexft]

Thank you folks,

Slight correction

For example buyer delaying property handover.

I meant to say - seller delaying property handover.


Regards,

Alex.

[Roshan]

Originally Posted by alexft

Thank you folks,

Slight correction I meant to say - seller delaying property handover.


Regards,

Alex.

The question of seller delaying does not arise. Once the seller decides to sell, the procedure is to go straight to the Land department and close.

Usually an MOU is signed which can be done through a broker and which has conditions. A deposit as agreed could be 10K or 100K is given as a goodwill deposit. If any of the party renegades on the contract, the deposit becomes non refundable.

This could be dicey at times. What I understand in the US the money is put into an Escrow account which assures that the money is safe till the property is handed over.

Regards

Roshan

Regards

Roshan

[memo123]

Hello very good question
I am a first time investore
i have already paid 30% of the value of my appartment
i have no contract even in hand
but now i want to sell
so 1-who do i go to?
2-even if the broker or an agent finds a buyer , does the 3rd purchaser give me what i paid plus the 2% and the appreciation of the value of the property , then continue to pay the developer directly while i am out of the picture now?
who will do the paper work ?
i realy want to know all of the above
please reply if you can help

[mpat]

Originally Posted by memo123

Hello very good question
I am a first time investore
i have already paid 30% of the value of my appartment
i have no contract even in hand
but now i want to sell
so 1-who do i go to?
2-even if the broker or an agent finds a buyer , does the 3rd purchaser give me what i paid plus the 2% and the appreciation of the value of the property , then continue to pay the developer directly while i am out of the picture now?
who will do the paper work ?
i realy want to know all of the above
please reply if you can help

1.Go to developer and ask for the contract.Contract tells the authentic info about your property and obligation by you and the developer,Then you can go to broker or agent and start looking for customers.

2. YES, its like that.But it depends on the developer again,sometime they give you a free change of name so need to get 2% from the purchaser.

3. Paperwork will be done by you and the developer in order to get the purchaser confident about paying money,You just need to check with teh developer about the procedure of transfering .Sometimes they will handle much better since they are in day to day involved in this business..
Bye

[alexft]

Dear Memo123,

What is the name of development?

I have clients who might be potentially interested, especially if it`s a waterfront property.


Regards,

Alex.

[memo123]

Thank you all for your response, I guess I have to wait for the contract , but I dont see why , isnt it easier for the developer to do less paperwork for the third buyer, since i believe He has not even started doing my contract yet