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Exit strategy. Selling your property.

Discussion in 'Dubai property' started by alexft, Mar 24, 2008.

  1. alexft

    alexft New Member

    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 :D


    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.
     
  2. smile99931

    smile99931 New Member

    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
     
  3. Roshan

    Roshan New Member

    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
     
  4. mpat

    mpat New Member

    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
     
  5. alexft

    alexft New Member

    Thank you folks,

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


    Regards,

    Alex.
     
  6. Roshan

    Roshan New Member

    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
     
  7. memo123

    memo123 Member

    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
     
  8. mpat

    mpat New Member

    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
     
  9. alexft

    alexft New Member

    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.
     
  10. memo123

    memo123 Member

    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
     
  11. samosasam

    samosasam New Member


    Hi, I am in a similar boat. I have made two payments and am trying to sell my property. The developer is currently selling the same unit for much higher than what I am willing to sell for yet I can't seem to get any brokers to give me much help in selling it. What is the best way to go about trying to sell it? At this point I am almost willing to sell it at cost before I have to make another payment.

    I appreciate any help you guys can offer. Thanks.
     
  12. dubai freelancer

    dubai freelancer New Member

    Hi

    What are you looking to sell? which development? Maybe right now it is taking longer for you to sell as the market has been a little slow but this trend has been noticed in summers! guess everyone stay away at this time!! if u can send me the details or PM me the information maybe i can help

    Cheers!
    Tanya
     
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