Your Guide To Selling A Property In Abu Dhabi

by admin on May 23, 2023

Selling a property can be a daunting task, but with the right knowledge and guidance, you can navigate the process smoothly, especially in a vibrant city like Abu Dhabi. Selling a property in Abu Dhabi requires careful planning, market knowledge, and the support of experienced professionals. By following this guide, you’ll be well-prepared to navigate the process and achieve a successful sale in this dynamic city.

Type of documentation & process required during THE PROCESS-

• Valid Passport, Visa, Emirates ID Copy of both Buyer & Seller, in case of international client- Valid Passport copy
• Original SPA (Sales and Purchase Agreement) Copy
• Title deed copy
• MOU (Memorandum of Understanding)- this document is an agreement that states the particulars of the property and terms & conditions of buying & selling. It is to be signed by both parties and original copy to be kept with the broker.
• Upon signing, security deposit cheque is issued by the buyer, and the same is kept with the broker. In the MOU, it states what will and what will not happen with the deposit in case the deal is successful or cancelled.
• POA (Power of attorney) in case the owner cannot be present during the transfer and delegates a Notary Representative to be present during the transfer of the ownership.
• In case the property is under management or maintenance agreement with any broker:

          >Copy of the Contract

          >Tenancy contract, if the apartment is rented

• If the buyer is using finance, their bank will do an evaluation of the property, after which the loan will be approved
• If the seller has Mortgage outstanding with bank, upon clearance, a letter will be issued from the bank
• Water & electricity Bill if the property is rented and in case the property is vacant, you need to provide clearance with zero outstanding for water & electricity from ADDC
• NOC (No objection certificate) from Property Management Company (For example Provis, Three60 etc)- to be paid by the seller
• Evaluation certificate to be requested through Smart hub app from the Municipality and to be paid by the seller
• NOC (No objection certificate) from the developer stating that seller has paid all his fees and developer has no objection in the transfer
• The last stage is Transfer of Ownership, that takes place in the municipality office. The banker of the buyer comes with the managers cheque and after the successful signing hands it over to the seller/banker of the seller. A manager’s cheque is a secure cheque that the bank issues to the buyer, this guarantees acceptance of the cheque by the receiving party.