For Sellers

If you a a Seller in Dubai and are contemplating the sale of your property, RERA offer to you a number of points for consideration and to assist you prepare in advance.

There are a number of options available to you.

• List with a Local Registered Broker office & Registered Agent
• Use other representation (beware see notes below)
• Undertake the process yourself and sell privately
• Take the property to Auction (a method of sale)

LISTING WITH A REGISTERED BROKER

When listing with a registered broker, it will be beneficial to read the brokers section in this website. We have covered the registration process so that consumers can see that RERA do vet the applications and are working to ensure that no unacceptable people are able to able to operate in the industry. In addition, we have noted many pointers in the section "a good agent" for you as the consumer to open your mind about whom you are contemplating dealing with as your elected agent.

When listing your property, there are 3 types of Agent’s appointment

• Open Listed � which means that you list the property with 1 or more agents and you can if you wish, sell the property yourself and the agent’s commission is payable only to the agent who completes the transaction. It is recommended that you don’t appoint any more than 3 agents, otherwise none of them will sell it and the Buyer will look for the cheapest thus you get less money.
• Sole Agent � you can appoint only one (1) agent and still you may sell the property yourself, however if you do sell it yourself then you do not owe the agent a fee.
• Exclusive Agent � this is when you appoint an exclusive agent to totally look after the sale process. Even if you find a willing buyer, you will have to refer them to your exclusive agent whilst you have a current agreement.

It should be noted that if an agent introduces a Buyer, and you later deal with them direct without the Agent, then the Agent may apply to RERA to claim their loss of fee and costs if it be proven that the Buyer was introduced by the Agent and the two parties left the Agent out of the trnasaction. Both Buyers and Sellers are also expected to be trustworthy.

USE OTHER REPRESENTATION

In Dubai, "freelancers" are a thing of the past. They are highly illegal and buyers and sellers are advised NOT TO DEAL WITH THEM. Other representation could be a cousin, son, daughter or friend. If you use these people, do be aware that any person advertising, marketing or in discussion about a property transaction other than the owner of the property, is breaking the law unless he/she has a registered Power of Attorney in the UAE acceptable format in your name approving of their involvement.

Always bear in mind that if something goes wrong. This is as we remind people, your single greatest investment in your life.

AUCTION

This method of sale is very popular in well regulated markets and has been very successful in the Dubai Land Department over more recent times. The planning, preparation and understanding the "Auction process" is critical for Sellers contemplating this method.

One should always use a "professional". Only RERA approved Auctioneers can be used. There is a flat fee involved and if the property does not sell at Auction, you still have to pay the Auctioneer. When a property is in high demand, Sellers can obtain top top prices using the Auction method. And often if it does not go on the day at the auction, there is a high chance you will obtain interest in the property and negotiate after the event. Auction does have an element of �risk�, but it is often a very good method to cash up quickly if you need to for some reason.

PRIVATE SALE

This can be done but is often not advised for the feint hearted. You do need to be prepared. The property must be ready. That is �well presented� so that a buyer will want to buy.

You need to think about advertising and the cost. Then when the phone rings, you then have to sift through so many that are "only lookers" and not serious buyers. This can be very exasperating and very frustrating.

Once you have found the buyer, then comes the negotiating process and the paperwork. This is not easy. If all the essential documents and paperwork is not in order the property transfer may not be possible on the final day of settlement of the transaction. When banks are involved for mortgage discharge or an application for finance for the property, this is another serious consideration and can be rather complex.

If you are contemplating selling privately, it is highly recommended that you use a lawyer for the legal aspects. Dubai property market is not the same as in "days gone by", and what was a simple transaction in the past, is certainly not the case now.