The Property Selling Process
Placing Your Property on Our Books
There are various steps that you can take to making sure that our records are quickly updated with your property details. To accept a 're-sale' property onto our books we need copies of:
- The 1st page of your contract with the developer stating
- the owner's name
- the original purchase price
- the completion date
- the full property location
- if the property is yet to be completed we also need to see the payment schedule
- The receipts for the amounts that you have paid to the developer
- A floor plan
- If you have completed on the property we also need a copy of your completion certificate
Valuing Your Property
When placing a property on the market you must first decide on the price that you are willing to accept. Our professional staff are well versed in the market prices for different properties and we recommend that you speak with one of our advisers to discuss the appropriate selling price for your particular property.
Re-Sale Terms
The terms and conditions applied for re-sale differ from developer to developer but it is worth noting them for the 2 largest developers;
Emaar - any Emaar property can only be re-sold once during the construction period, i.e. Purchaser 1 buys off-plan from Emaar but decides to sell before completion. Purchaser 2 can only re-sell that property after it is complete which means settling the balance outstanding to the developer on the due date. Once the property is complete it can be sold on again at any time. Emaar charges a Transfer Fee of 1.5% (of Original Price) for a property still under construction or 1% (of Selling Price) for a completed property.
Nakheel - any Nakheel property can be re-sold at any time. At whatever stage the payment plan is at, a 10% accelerated instalment is applied, i.e. if Purchaser 1 has paid 30% so far to Nakheel then Purchaser 2 has to pay the next 10% payment due on transfer. Nakheel charges a Transfer Fee of 2% (of Original Price).
These terms are subject to change.
Most private developers allow re-sale to take place at any point during construction and typically charge a 2% (of Original Price) Transfer Fee.
Transfer
On selling your property, an appointment needs to be arranged with the developer to sign transfer documents, exchange money and pay any fees. This appointment can take up to 3 weeks to set in place and on occasion longer dependent on the agreement between the seller and purchaser.
Where you are unable to be present at this meeting we can arrange to complete the transfer on your behalf under a power of attorney.