Selling an off-plan property requires a strategic approach to attract the right buyers. By partnering with experienced brokers, utilizing accurate market data, and promoting your property effectively, you can maximize your chances of a successful sale. Highlighting attractive payment plans and incentives is also crucial to making your property stand out. In this post, we’ll walk you through essential steps to help you find buyers for your off-plan property and secure the best possible deal.

Your post To successfully find buyers for your off-plan property, consider the following steps: 

Engage with Trustworthy Brokers 

• Find a reputable brokerage experienced in the off-plan resale market. They can help you connect with serious buyers and ensure that you maximize your return. 
• Make sure the broker has a solid understanding of the market and can guide you on the right pricing strategy to attract potential buyers. 

Ask for Market Insights and Transaction Data 

• Request a complete market report from your broker, which should be sourced from reputable databases and show real transaction data. 
• This report will help you determine a good benchmark price for selling your property. 
• Ensure that your broker is transparent and provides accurate information, without any hidden fees or exaggerations. 

Inquire About Their Marketing Strategy Using Online Portals 

• Ensure that your brokerage is listing your property on major online platforms like Property Finder, Bayut, and Dubizzle, as well as promoting it on social media and campaign for maximum exposure. 
• Consult with multiple brokers to understand their approach, but it is recommended to give exclusive selling rights to one brokerage. This can often lead to more focused marketing efforts and less confusion in the market, as buyers will approach through one clear channel, minimizing manipulation. 

Highlight Payment advantage 

• If there are any incentives offered by the developer such as PHP (Post hand over payment plans), service charge fee waivers, or discounts on early settlement ensure these are highlighted in your marketing efforts to make your property more appealing to buyers. 

Steps to Re-Sell an Off-Plan Property in Dubai 

Contact a Brokerage Company for Consultation 

• Engage with licensed brokerage company and ask for specillist agent for the community to get best advice on how to add a premium to the original price and maximize your capital appreciation. 
• Premium refers to the value you are adding on top of the original purchase price of the off-plan property. 
• Example: If you are selling your property for AED 2,000,000 (approx. USD 545,000), but you originally bought it for AED 1,500,000 at the launch stage, the premium is AED 500,000. This premium is payable to you (the seller) by the buyer on the day of the transfer. 

Sign Form A (Agency Agreement) 

• Sign Form A with the brokerage, suggesting an exclusive agreement to protect your deal and give your agency enough time to market the property effectively. 
• An exclusive agreement provides your agent with the right timeline, focus, protection and motivation to secure the best possible deal. 

Maximize Marketing Efforts 

• Ask your brokerage to maximize marketing efforts by listing the property on high-traffic real estate portals, social media, and leveraging their investor networks. 
• Effective marketing strategy increases the chances of finding a qualified buyer quickly. 

After Finding the Buyer: 

Verify the Buyer’s Identity and Financials (KYC) 

• Instruct your brokerage to conduct KYC(Know Your Customer) checks on the buyer to ensure they are legally and financially capable of completing the purchase. 

Sign the MoU (Memorandum of Understanding) in the Format of Digital Form F 

• Once both parties agree on the sale terms, draft and digitally sign Form F (MOU), which is accessible through your broker in the Dubai Brokers portal on the Dubai REST App, provided and regulated by the DLD(Dubai Land Department). 
• This document outlines the agreed sale price, payment schedule, and other key terms. It can be signed at the Trustee Office or digitally through a link and token sent to your registered email and mobile number, which are recorded in your pre-title deed and with the DLD at the time of purchase via the Dubai REST App.  
• The Form F (MOU) acts as a binding agreement until the sale is completed. 

Obtain the NOC (No Objection Certificate) from the Developer 

• Visit the developer’s office with the buyer to apply for a NOC. This document certifies that the developer has no objections to the resale. 
• The NOC will only be issued if all payment milestones have been met, and there are no outstanding dues. 
• In some cases, developers may require the upcoming instalment to be cleared before they release the NOC. 

Clear Any Mortgage (if applicable) 

• If you have a mortgage on the property, you need to clear it or partially settle it, as required by the developer, before proceeding with the sale. 
• Obtain a Mortgage Clearance Letter from your bank confirming that the loan has been settled or partially paid off. 

Prepare for Transfer at the Trustee office or DLD (Dubai Land Department) 

• Once the NOC is obtained, both you and the buyer need to visit a Trustee Office approved by the DLD to transfer ownership. 
• Required documents include: 
• Original SPA or a sealed and certified copy. 
• NOC from the developer. 
• Mortgage Clearance Letter (if applicable). 
• Passports and Emirates IDs of both the buyer and seller. 
• Form F (MOU) or the sale agreement. 
• All payment details and Manager’s Cheques for the relevant fees and payments. 

Pay Transfer Fees 

• Both parties will need to pay the transfer fee (4% of the property value) to the DLD. As per market practice This is usually covered by the buyer, but it can be negotiated in format of manager cheque.  
• Additional fees, including Trustee Office fees and other administrative costs, will also need to be settled in format of online payment or card. 
• All payments to the DLD must be made via Manager’s Cheque. 
• The transfer fee (4% of the selling price) must be paid to the DLD at the time of transfer. This fee is typically paid by both parties, but as per market practice, it is usually covered by the buyer. However, this can be negotiated between the buyer and seller. The payment must be made in the form of a Manager’s Cheque. 
• Additional fees, including Trustee Office fees and other administrative costs, will also need to be settled. These can be paid via online payment or card at the Trustee Office. 

Final Payment Settlement 

• The buyer will make the final payment as per the terms of the FORM F(MoU), typically using a Manager’s Cheque. 
• Any brokerage fees (usually 2% to 3% of the sale price) must also be settled at this point, either via Manager’s Cheque, bank transfer, or any other method as agreed with the brokerage. 

Note: 

To ensure the transfer process is safe, compliant with AML (Anti-Money Laundering) regulations, and to avoid any future issues, it is strongly recommended that all payments related to the transaction are made in the form of Manager’s Cheques. This helps maintain transparency and security throughout the transaction process, ensuring that all parties are protected 

Transfer of Ownership and Title Deed Issuance 

• After all documents are verified and payments are completed, the DLD will transfer ownership to the buyer on spot. 
• A new Title Deed will be issued in the buyer’s name, finalizing the sale. 

Developer and Buyer Handover Process (if applicable) 

• If the property is not yet completed, the buyer will take over your remaining payment plan and any future obligations to the developer. 
• If the property is ready for handover, the buyer will go through the handover process with the developer once the title deed is transferred. 

Costs calculation for Reselling an Off-Plan Property in Dubai 

Example of Costs Calculation 

For an off-plan resale value of AED 2,000,000 (Approx. USD 545,000): 

The total costs will vary depending on specific factors such as mortgage clearance and administrative fees. 

Is Selling Off-Plan Property in Dubai Before Completion a Good Idea? 

Selling off-plan property in Dubai before completion can be a highly profitable strategy if planned carefully. Important factors include market timing, future city and community developments, understanding the legal requirements, and accounting for all associated costs. By addressing these considerations, you can maximize your returns and fully benefit from Dubai’s thriving real estate market. With the right approach, selling off-plan before completion offers great opportunities for investors to capitalize on their assets and move on to their next investment adventure.