Procedures for selling your house

Question: I am thinking of selling one of my properties in the UAE. How do you prepare a house to sell in the UAE?

Selling a property can be both an exciting and stressful experience, but like many things in life, good preparation can help to minimise problems. Before putting the property on the market, sit down and write a plan for the move, setting out all the steps you need to make; contacting a number of real estate agents, having the property valued, contacting your mortgage provider if you have one, deciding on what to do with furnishings and belonging that are contained in the property — the list can go on depending on your circumstances.

However, the basic steps involve firstly getting your property valued; you should contact a number of real estate agents who will come and assess your property and advise you as to its value and salable price. These quotes may vary and it is up to you to decide on the most realistic figure which will determine which real estate agent you wish to work with.

If you can wait for the sale to take place then you may decide to try for a higher price, however, if you are in a hurry to sell you may look at reducing the price for a quick sale. If you are in a real hurry then you may decide to sell at auction but this is still rare in the UAE and is likely to get you the lowest price.

The second major consideration you have is the mortgage. If you have one then you will need to contact your mortgage provider to inform them of the proposed sale so they can calculate the amount you still owe on the loan. This debt will need to be fully covered by the sale price, if not then you will have to go into discussion with your mortgage provider about how to repay the remaining loan.

You also need to contact a property lawyer who will be able to carry out all the legal work involved in ensuring the property's paperwork is up-to-date, and it is properly registered with the Dubai Land Department, as well as transferring the title deeds once the sale has taken place.

In the case of an off-plan unit then the property may not actually be registered in your name but pre-registered by the developer. However, as long as all the mortgage payments have been made to date, and you have an NOC from the developer, then the sale is legally allowed. At this point you need to calculate both the real estate agent's fees and the lawyer's fees to make sure that the sale price will also cover these expenses.

It will now be up to the real estate agent to sell your home for the best possible sum. Once the sale has been complete you will need to think about moving your belongings if you reside in the property.

The writer is Director General Insurance, Nexus Insurance Brokers LLC. Opinion expressed here is writer's own and do not reflect that of Gulf News. If you have any questions, please email to advice@gulfnews.com