It requires passion for properties and in depth market and product knowledge to be able to present and sell real estate successfully. Strategic marketing, strong investor base and agents network combined with exceptional local market knowledge and negotiation skills is what guarantees a quick sale at the highest possible price. Dubai property market is dominated by property owners and investors from all over the world and the first point of contact for almost every home buyer is the real estate agent. It is only one offer that eventually makes its way to the sale contract and to bring that offer to your table you need a qualified agent.

Selling a property could be tiring and sometimes it becomes hopeless with several false promises made by your agents. With Bridges & Allies, you let one of our area expert take the driving seat and experience a rather professional and smooth journey with an absolute peace of mind. While you figure out if your current agent is qualified to sell your property or not, we would like you to go through some expert tips that may help you achieve a successful sale of your property followed by step by step guide to complete your transaction with 100% security

  

FOLLOW THE COMPS

Properties don’t sell at a high or a low price. They sell at the current market value; and properties that sit longer in the market tend to face devaluation after a specific period. Recent transaction values, supply and demand and the future economic growth prospects are key factors that determines current value of your property. A detailed discussion with our RERA certified sales agents, specializing in specific ready and off plan communities will help you gain in depth information on overall market trend and recent transactions, which can eventually help you put an accurate price tag to achieve a successful sale of your property. Alternatively, you can click here and fill the property valuation form to get a free valuation of your property from our industry experts. We at Bridges & Allies remain committed to securing our seller’s two main interests

a) Protect the property value

b) Get it sold

 

 

HIRE A PROFESSIONAL BROKER

A property is labelled as sold not when you accept the offer but when your money is received in your bank, which happens once the property is transferred to the buyer’s name. Between accepting the offer and receiving money in your bank there are various procedures to be followed in compliance with Dubai Land Department and RERA, which depends on the nature of the transaction. It is important for a seller to be aware of such compliances and the overall time it can take to complete the transaction to have risk free sale. Your broker from Bridges & Allies is not just the area expert who will help you sell the property at the right price, but is also your consultant equipped with depth of knowledge of the overall sale procedure and understands the nitty-gritty of the overall transaction.

 

 

SIGN LISTING AGREEMENT

Once you have received the property valuation and the market facts along with the sale transaction procedure from one of Bridges & Allies’ RERA certified sales consultant, it is time look for a potential buyer. By law the seller and the agent are required sign a Form A to agree on an estimated sale value of the property and formally confirm the appointment the agent to market and sell the property. Upon being appointed as your exclusive or non-exclusive broker for the property, Bridges and Allies will then fire all its cylinders to bring the results within the stipulated time frame.  

 

 

PREPARE FOR VIEWINGS

Buyer’s overall experience of the viewing appointment plays an extremely important role in their decision-making process. As a seller, you must always keep the property in its best condition to get the buyer’s maximum attention. Buyers are interested in the presentation of the property as much as in the size, lay out and its view. If your property is rented, then it is extremely important to have an effective coordination with your tenants regarding the viewing appointments. Cancelled appointments or inaccessibility to the property can result in losing that cash buyer who could have bought the property at the full asking price. Every Bridges & Allies agent has gone through an intensive training to filter between serious buyers and window shoppers, hence you are rest assured that no time will be wasted over unnecessary viewings for unqualified buyers.

 

 

COUNTER AND CLOSE

Offers will begin to flow in after successful viewings of your property, but the real offer will be the one that will be made with a 10% security cheque. Your Bridges & Allies sales expert will assess the overall offer and suggest a suitable counter offer to be made by you that can secure the sale at the highest possible value. Before confirming the acceptance of the offer on your behalf, your agent will screen the financial capability of the buyer and upon being fully assured, will call you to confirm it’s CLOSED!

 

 

Congratulations! you have finally found a buyer for your property and secured the sale of your property with Bridges & Allies Real Estate. Now you must complete the transaction by fulfilling all the necessary formalities as mentioned below!

 

 

 

 

 

 

TRANSACTION PROCEDURES

 

   

  

MORTGAGE BUYER PURCHASING FULLY PAID PROPERTY

(7 steps procedure. Can take 3 weeks to 1 month)

 

 STEP 1

PRE-APPROVAL

Before making an offer to the seller to purchase the property, it is highly recommended that the buyer has obtained mortgage pre-approval letter from his lending bank. Offers with mortgage pre-approval letter are treated as more genuine than the ones without.

 

 STEP 2

SECURITY DEPOSIT

As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.

 

 STEP 3

FORM F - MOU

Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.

 

 STEP 4

PROPERTY VALUATION

Once the Form – F is signed by both the parties, buyer’s bank will appoint a surveyor to evaluate the property. A RERA certified surveyor inspects the property by physically visiting the actual property and then issues the valuation certificate to the bank, which is regarded as the true current value of the property.

Expected Time Frame: 2 business days to 1 business week.

 

 STEP 5

FINAL MORTGAGE OFFER LETTER

As soon as the valuation certificate is issued and the valuation amount is accepted by the buyer, a final mortgage offer letter will be drawn up by the buyer’s bank for him to sign and accept the terms and conditions of the mortgage. As soon as the final offer letter is signed by the buyer, the buyer's bank prepares manager's cheques for the disbursement of the approved loan amount which will be a maximum of 75% of the mortgage value of the property for expats and maximum of 80% for UAE nationals. The maximum disbursal amount may however vary case to case without exceeding the maximum limit of 75% or 80%

Expected Time Frame: 2 to 5 business days.

 

 STEP 6

DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER

Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.

Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.

 

 STEP 7

PROPERTY TRANSFER

As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer or his bank must hand over to the seller, the manager’s cheques amounting to the full value of the property.

  

Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs. 

 

 

 

MORTGAGE BUYER PURCHASING MORTGAGED PROPERTY

(10 steps procedure. Can take 6 weeks to 8 weeks)

 

 STEP 1

PRE-APPROVAL

Before making an offer to the seller to purchase the property, it is highly recommended that the buyer has obtained mortgage pre-approval letter from his lending bank. Offers with mortgage pre-approval letter are treated as more genuine than the ones without.

 

 STEP 2

SECURITY DEPOSIT

As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.

 

 STEP 3

FORM F - MOU

Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.

  

STEP 4

SELLER APPLIES FOR LIABILITY LETTER

As soon as the Form F and the MOU is signed between both the parties, the seller applies for the liability letter to be issued by his bank. The liability letter specifies seller’s outstanding loan amount against the property due to be paid by the seller to settle the loan.

Expected Time Frame: Depending on the bank, the liability letter can take between 10 to 15 business days.

 

 STEP 5

PROPERTY VALUATION

Once the Form – F is signed by both the parties, buyer’s bank will appoint a surveyor to evaluate the property. A RERA certified surveyor inspects the property by physically visiting the actual property and then issues the valuation certificate to the bank, which is regarded as the true current value of the property.

Expected Time Frame: 2 business days to 1 business week.

 

 STEP 6

FINAL MORTGAGE OFFER LETTER

As soon as the valuation certificate is issued and the valuation amount is accepted by the buyer, a final mortgage offer letter will be drawn up by the buyer’s bank for him to sign and accept the terms and conditions of the mortgage. As soon as the final offer letter is signed by the buyer, the buyer's bank prepares manager's cheques for the disbursement of the approved loan amount which will be a maximum of 75% of the mortgage value of the property for expats and maximum of 80% for UAE nationals. The maximum disbursal amount may however vary case to case without exceeding the maximum limit of 75% or 80%

Expected Time Frame: 2 to 5 business days.

 

 STEP 7

SELLER’s LOAN SETTLEMENT

Once seller’s bank has issued the liability letter and the final offer letter is signed between the buyer and his bank, buyer’s bank will settle seller’s full outstanding loan amount with his bank.

Expected Time Frame: 3 to 5 business days

 

 STEP 8

SELLER’s MORTGAGE CLEARANCE LETTER

Seller’s bank will issue a mortgage clearance letter upon receiving full settlement of his outstanding loan amount towards the property. The mortgage clearance letter will be addressed to Dubai Land Department and the Developer and only be handed over to the buyer’s bank and not the seller. Buyer’s bank will also receive the original title deed of the property from the seller’s bank along with the mortgage clearance letter.

Expected Time Frame: Depending on the bank, the clearance letter can take between 10 to 15 business days.

 

 STEP 9

DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER

Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.

Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.

 

 STEP 10

PROPERTY TRANSFER

As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer or his bank must hand over to the seller, the manager’s cheques amounting to the full value of the property.

  

Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.

 

 

 

CASH BUYER PURCHASING FULLY PAID PROPERTY

(4 steps procedure. Can take 1 week to 2 weeks)

 

 STEP 1

SECURITY DEPOSIT

As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.

 

 STEP 2

FORM F - MOU

Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.

 

STEP 3

DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER

Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.

Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.

 

STEP 4

PROPERTY TRANSFER

As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer must hand over to the seller, the manager’s cheques amounting to the full value of the property.

 

Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.

 

 

 

CASH BUYER PURCHASING MORTGAGED

(7 steps procedure. Can take 6 weeks to 8 weeks)

 

 STEP1

SECURITY DEPOSIT

As soon as the price and terms for sale and purchase have been agreed between the buyer and the seller, the buyer must issue a current dated security cheque from a UAE based bank, of the amount equivalent to 10% of the sale value to book the property. The security cheque is held by seller’s agent as a commitment from the buyer to the seller, to successfully complete the transfer of the property. The security cheque doesn’t get cashed and is returned to the buyer as soon as the transfer is successfully completed. Seller is entitled to forfeit the security cheque and cash it, in case the buyer is not able to successfully complete the transaction due to his own fault or breach of the contract. Similarly, if the seller is unable to successfully complete the transfer due to his own fault or breach of contract, then he will be required to pay to the buyer a penalty of an amount equivalent to the buyer’s security deposit cheque.

 

 STEP 2

FORM F – MOU

Buyer’s offer to purchase the property is officially accepted by the seller once the seller counter signs the Form F, which first needs to be signed by the buyer upon making an official offer. By signing the Form F, both the parties enter a legal agreement to fulfill all the terms and conditions of the transaction. The Form F and the MOU is prepared by the buyer’s agent immediately upon receiving an offer from him that is verbally accepted by the seller.

 

STEP 3

SELLER’s LIABILITY LETTER

As soon as the Form F and the MOU is signed between both the parties, the seller applies for the liability letter to be issued by his bank. The liability letter specifies seller’s outstanding loan amount against the property due to be paid by the seller to settle the loan.

Expected Time Frame: Depending on the bank, the liability letter can take between 10 to 15 business days.

 

STEP 4

DEVELOPER’s NO OBJECTION CERTIFICATE (NOC) FOR TRANSFER

Upon receiving the final offer letter from the bank, the seller immediately applies for No Objection Certificate (NOC) to be issued from the developer of the property. Depending on the developer, NOC application can either be made online or by the buyer and the seller both, or just the seller alone visiting the developer’s office.

Expected Time Frame: Based on the developer it can take 3 to 7 business days or more to get the NOC from the developer.

 

STEP 5

BLOCKING THE PROPERTY FOR MORTGAGE SETTLEMENT

Upon obtaining the NOC from the developer, both the parties with their respective agents must meet at one of the many RERA approved property registration trustee’s office to block the property. At this stage, the buyer is required to hand over to the seller, a manager’s cheque addressed to the seller’s bank of the value as mentioned in the liability letter, for him to settle the outstanding loan. Once this process is completed the property gets blocked by Dubai Land Department across all government services such as Ejaari, DEWA, Dubai Municipality etc. making it non-eligible for sale or rent to any third party.

 

STEP 6

SELLER’s MORTGAGE CLEARANCE LETTER

Seller’s bank will issue a mortgage clearance letter upon receiving full settlement of his outstanding loan amount towards the property. The mortgage clearance letter will be addressed to Dubai Land Department and the Developer and will be handed over only to the buyer and not the seller. The buyer will also receive the original title deed of the property from the seller’s bank along with the mortgage clearance letter.

Expected Time Frame: Depending on the bank, the clearance letter can take between 10 working days to 15 working days.

 

 STEP 7

PROPERTY TRANSFER

As soon as the NOC is issued by the developer, both the parties along with their respective agents, schedule to meet at one of the many RERA approved property registration trustee’s office for the transfer of the property. On this day both parties must carry all payments required and all personal and original documents required for the transfer of the property. Upon successful transfer of the property a new Title Deed is issued by Dubai Land Department under the buyer’s name and at the same time the buyer must hand over to the seller, the manager’s cheque of the balance amount of the property.

 

Congratulations! The transaction is completed and you have successfully purchased your perfect property with Bridges and Allies Real Estate Brokers. Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when you need us. We look forward to being your lifelong partner for all your real estate investment and management needs.

 

 

 

FEES

 

Property Registration Fee - Paid by the Buyer

Property Registration fee is fixed 4% of the sale value of the property payable to Dubai Land Department through manager’s cheque on the day of transfer of the property.

 

Administration and Knowledge Fee - Paid by the Buyer

AED 580 to Dubai Land Department as administration and knowledge fee through manager’s cheque on the day of transfer of the property.

 

Mortgage Registration Fee - Paid by the Buyer (applies to mortgage buyers only)

Mortgage registration fee is 0.25% of the mortgage value plus AED 290, payable by the buyer to Dubai Land Department through manager’s cheque on the day of transfer of the property.

 

Mortgage Discharge Fee - Paid by the Seller (applies to mortgaged properties only)

Islamic Mortgage

AED 1560 plus AED 315 is paid by the seller to Dubai Land Department as Mortgage Discharge Fee on the day of transfer of the property from seller to buyer.

Conventional Mortgage

AED 1290 plus AED 315 is paid by the seller to Dubai Land Department as Mortgage Discharge Fee on the day of transfer of the property from seller to buyer.

  

Blocking The Property - Paid by the Seller (applies to mortgaged property being purchased by a cash buyer)

AED 1020 plus AED 525 is paid by the seller to Dubai Land Department as Property Blocking Fee on the day of blocking the property for mortgage settlement of the seller by the buyer.

  

Developer’s NOC - Paid by the Seller

Developer’s NOC is payable by the Seller directly to the developer upon submitting the application the developer. It can range between AED 500 to AED 5000.

  

Trustee Fee - Paid by the Buyer

AED 4,000 is payable by the buyer in cash, manager's cheque or credit card (if accepted) to Property Transfer Trustee as a Transfer Fee.

  

Agency Fee - Paid by the Buyer

As per the market practice a minimum agency fee of 2% of the sale value of the property is payable by the buyer to the agency through manager’s cheque on the day of transfer of the property.

 

Note

  • Either for residential or commercial real estate, 5% Value Added Tax (VAT) is payable for the above fees to each vendor as may be applicable.
  • 5% VAT of the sale value of the property does not apply on the secondary sale and purchase of a residential property.
  • Obligation of either the buyer or the seller for all the above fees is advised as per the standard practice in Dubai, UAE.

 

 

 

MANDATORY DOCUMENTS

 

If Individuals

  • Both parties’ original valid passport with visa page (if UAE Resident)
  • Both parties’ original valid emirates ID (if UAE resident)
  • Both parties’ original passport with date of entry stamp (if non-UAE resident)
  • Original No Objection Certificate (NOC) from the property developer
  • Original Title Deed of the property
  • If signatory(s) of either or both parties’ is different than the owner(s) of the property, then the original and valid Power of Attorney (POA) to the appointed signatory is mandatory
    - The POA must specify the rights to sell / buy the property and must also specify the property details for POA for sale.
    - The POA is valid for 2 years from the date of issue for selling and 5 years from the date of issue for buying.
    - For POAs prepared in UAE, must be attested from UAE Courts and legally translated into Arabic.
    - For POAs prepared abroad must be attested from the Court of the country of origin, consulate of the country of origin, UAE consulate in the country of origin, legally translated in Arabic and attested
      with Ministry of Foreign Affairs in UAE.
  • Original valid passport of the POA holder with visa page (if UAE Resident)
  • Original valid emirates ID of the POA holder (if UAE resident)
  • Original passport of the POA holder with date of entry stamp (if non-UAE resident)

 

If UAE based mainland companies

  • Original Trade License of the company
  • Original No Objection Certificate (NOC) from the property developer
  • Original Title Deed of the property
  • Original valid passport with visa page and original valid emirates ID of the signatory or signatories (if UAE resident)
  • Original passport with date of entry stamp of the signatory or signatories (if non-UAE residents)
  • Authorized signatory or signatories of the company must be one of the following:
    - All shareholders/owners/partners of the company as mentioned in the Trade License
    - Legal Power of Attorney (POA) holder of the Company
  • If the authorized signatory of the company is a POA holder and not one of the shareholders of the company, then the original and valid Power of Attorney (POA), from the shareholder(s) to the appointed signatory is mandatory, which must specify the rights to sell and buy the property and must also specify the property details. For selling the property, the POA is valid for 2 years from the date of issue and for buying it is valid for 5 years from the date of issue.

 

If UAE based Free zone companies

  • Original Trade License or Incorporation Certificate
  • Original Incumbency Certificate or Shareholder’s Certificate (valid for 1 month from the date of issue and must show the names of all the shareholders and their shares until the ultimate shareholders “natural person”.)
  • Original Memorandum and Articles of Association (must be legally translated in Arabic)
  • Original No Objection Certificate (NOC) from the UAE Free Zone Authority
  • Good Standing Certificate if applicable
  • Original No Objection Certificate (NOC) from the property developer
  • Original Title Deed of the property
  • Original valid passport with visa page and original valid emirates ID of the signatory or signatories, if UAE resident
  • Original passport with date of entry stamp of the signatory or signatories if non-UAE residents
  • Authorized signatory or signatories of the company must be one of the following:
    - All shareholders of the company as mentioned in the certificate of incumbency
    - One of the shareholders of the company appointed by the board
    - Legal Power of Attorney (POA) holder of the Company
  • If the authorized signatory is one of the shareholders appointed by the board then, original and valid board resolution signed by all the shareholders of the company will be required and it must mention the rights to sell and buy real estate.
    - It must be attested by the Freezone Authority and legally attested and translated into Arabic
  • If the authorized signatory of the company is a POA holder and not one of the shareholders of the company, then the original and valid Power of Attorney (POA), from the shareholder(s) to the appointed signatory is mandatory, which must specify the rights to sell and buy the property and must also specify the property details. For selling the property, the POA is valid for 2 years from the date of issue and for buying it is valid for 5 years from the date of issue.

 

If Oversees Off-Shore Company

**Off-shore companies who intend to buy properties must register first in Dubai - Free Zone; NOC is required from Dubai Land Department (DLD) if the buying company (Dubai registered) has an offshore company shareholder.
**All oversees off-shore company docs should be attested from the consulate of the country of origin and UAE consulate in the country of origin, legally translated in Arabic and then attested with Ministry of Foreign Affairs in UAE.

 

  • Original Trade License or Incorporation Certificate
  • Original Incumbency Certificate or Shareholder’s Certificate (valid for 3 months from the date of issue for selling and 6 months from the date of issue for buying. Must show the names of all the shareholders and their shares until the ultimate shareholders “natural person”.)
  • Original Memorandum and Articles of Association
  • Original No Objection Certificate (NOC) from the UAE Free Zone Authority
  • Good Standing Certificate if applicable
  • Original No Objection Certificate (NOC) from the property developer


 

 

 

We see all our landlords as our potential business partners as we both aim towards a common goal i.e. protecting the rental value with a minimal vacancy period. To filter an ideal tenant with a budget to meet your expectation, you require a professional with exceptional negotiation skills, product knowledge and experience. Searching for a right tenant could be tiring and sometimes it becomes hopeless with several false promises made by your agents. We are landlords too and we have been there. Our exceptional experience of being landlords and brokers at the same time, gives us the edge to provide you with the service and professionalism you truly deserve.

With Bridges & Allies, you let one of our area expert take the driving seat and experience a rather professional journey of our partnership with you. While we let you to figure out if your current agent is qualified to rent your property or not, here are some basic guidelines that may help you to rent your property at an ideal price to an ideal tenant.

 

 

       

FOLLOW THE COMPS

Properties don’t rent at a high or a low price. They rent at the current market value; and properties that tend to sit longer in the market tend to face devaluation after a certain period. Recent transaction values, existing vacant units in the neighborhood and the overall condition of the property derives its current market value. A detailed discussion with our RERA certified rental agents specializing in specific communities will help you gain in depth information on overall market trend and recent transactions and will eventually help you put an accurate price tag on your property to get it rented with minimum vacant period. Alternatively, you can click here and fill the property valuation form to get a free valuation of your property from our industry experts.

We at Bridges & Allies remain committed to securing our Landlord’s two main interests a) Protect the property value and b) Get it occupied.

 

 

 

HIRE A PROFESSIONAL BROKER

A property is labelled as rented not when you accept the offer but when your money is received in your bank, which happens only after you have received your first rental payment and registered the lease with Ejaari. Between accepting the offer and receiving money in your bank account there are various procedures to be followed in compliance with Dubai Land Department and RERA, depending on the nature of the transaction. It is important for a Landlord to be aware of such procedures and the overall time it can take to complete the transaction to avoid any potential risk. Your broker from Bridges & Allies is not just the area expert who will help you rent the property at the right market price, but is also your consultant equipped with depth of knowledge of the overall rental procedure in compliance with the law who understands the nitty-gritty of the overall transaction.

 

 

 

SIGN LISTING AGREEMENT

Once you have received the property valuation and all the information regarding the market prices including the rental transaction procedure from one of Bridges & Allies’ RERA certified brokers, it is time to now look for a potential tenant. By law the landlord is required to sign a marketing agreement to agree on an estimated rental value and formally appoint the agent to market and rent the property. Upon being appointed as your exclusive or non-exclusive broker for the property, Bridges and Allies will then fire all its cylinders to bring the results within the stipulated time frame. 

 

 

 

PREPARE FOR VIEWINGS

Tenant’s overall experience of the viewing appointment plays an extremely important role in their decision-making process. If your property is already occupied, then it is extremely important to have an effective coordination with your existing tenants regarding the viewing appointments. Cancelled appointments or inaccessibility to the property may cost you a potential tenant who could pay the full asking price in 1 cheque. As a Landlord, you must always make sure to keep the property in its best condition to get the tenant’s maximum attention. Tenants are interested in the presentation of the property as much as in the size, lay out and its view. Every Bridges & Allies agent has gone through an intensive training to filter between serious tenants and window shoppers, hence you are rest assured that no effort will be wasted over unnecessary viewings for unqualified tenants.

 

 

 

COUNTER AND CLOSE

Offers will begin to flow in upon successful viewings of your property, but the real offer will be the one that will be made with a security deposit cheque. Your Bridges & Allies rental expert will assess the overall offer and suggest a suitable counter offer to be made by you that can secure the highest possible rental value for your property. Before confirming the acceptance of the offer on your behalf, your agent will perform a complete background check in regards to the tenant’s financial capability, employment, valid documents etc. of the tenant and upon being fully assured, will call you to confirm it’s CLOSED!

 

 

 

 

 

 

TRANSACTION PROCEDURE

 

 

 

STEP 1

 

SECURITY DEPOSIT

As soon as the tenant’s offer to lease the property is accepted by the landlord, the tenant must book the property immediately by issuing the 5% security deposit for unfurnished property or 10% for furnished property with a current dated cheque in the name of the landlord. The security deposit is held by the landlord’s agent and handed over to the landlord once the property ownership documents have been verified by Bridges & Allies agent.

 

 

STEP 2

 

SNAG LIST

Once the security deposit is issued and the property has been booked, the tenant must identify the potential repair and maintenance works to be completed before receiving the handover of the property from the landlord. A snag list is prepared to record such repair and maintenance works to be completed and signed by the landlord and the tenant.

 

 

STEP 3

 

TENANCY CONTRACT AND RENT PAYMENT

Once the security deposit amount is handed over to the landlord, the landlord’s agent will prepare the tenancy contract in Ejaari format along with the addendum containing additional terms and conditions for both the parties to review and finalize. As soon as the Tenancy Contract is finalized between the landlord and the tenant, the tenant needs to first sign the tenancy contract and issue rent cheques in the name of the landlord, or arrange for the alternative method of payment for the annual rent. Upon the landlord receiving the signed tenancy contract and the rental cheques or the alternate payment method used by the tenant, the landlord then counter signs the tenancy contract and hands over all the keys and access cards to his agent.

 

 

STEP 4

 

KEYS HANDOVER TO THE TENANT

Once the landlord receives the first rental installment in his bank account, the agent will handover all the property keys and access cards along with the signed tenancy contract to the tenant and will provide instructions on procedures and necessary documents required for a swift move in to the property. The keys and the access cards to the property and the lease documents will be handed over to the tenant in exchange of the agency fee in full with a current dated cheque addressed to the agency(ies).

 

 

STEP 5

 

EJAARI REGISTERATION

Upon receiving the signed tenancy contract from the agent, the tenant or their appointed UAE certified Power of Attorney (POA) holder must visit one of the Government authorized centers for registering the lease with Ejaari and obtaining the Ejaari Certificate. The cost for the Ejaari registration is paid by the tenant as per the norm. The tenant must have all their documents as mentioned in the documents section in order to register with Ejaari and DEWA.

 

 

STEP 6

 

DEWA & OTHER UTILITIES

Once Ejaari certificate is issued, the tenant or their POA as mentioned above must visit any of the DEWA centers to register for electricity and water connection by paying a refundable security deposit amount and connection charges to the authorities. The security Deposit amount varies for different property types. Please note that DEWA can only be applied after obtaining the Ejaari Certificate. Simultaneously you must also apply for chiller (if applicable), cooking gas (if applicable), T.V, telephone and broadband connection from various service providers.

 

 

STEP 7

 

MOVE IN

Congratulations! You are now ready to bring in your furniture and wake up to the first morning coffee in your new home.

 

 

 

Bridges & Allies wish you to have a great experience and gather amazing memories in your new home.

Our journey with you doesn’t end here! We continue to stay committed to offer you our services and expert advice as and when required by you.

 

 

 

 

 

 

FEES

 

 

 

Security Deposit

Security deposit is a holding deposit amount, either in cash or cheque to be issued by the tenant to the landlord as a commitment to rent the property upon making the offer. Once the transaction is successfully completed, the security deposit of the tenant becomes refundable at the end of the lease term and until then is held by the landlord as a security against any damages caused by the tenant towards the property.

As per the norm, security deposit amount is 5% of the annual rental value for an unfurnished property and 10% for a furnished property.

 

 

Agency Fee

Agency fee is payable by the Tenant to the Agency in the form of cheque upon receiving the signed tenancy contract from the landlord.

  • For transactions with annual rental value being less than AED 100,000 the minimum agency fee payable is AED 5,000.
  • For transactions with annual rental value being less than AED 50,000 the minimum agency fee payable is AED 4,000.
  • For transactions with annual rental value being AED 100,000 or more, the minimum agency fee payable is 5% of the annual rental value

 

 

Ejaari

Fee of AED 230 for lease registration with Ejaari is payable by the tenant at the Ejaari centers via cash on the day of registration.

 

 

DEWA

 

Security Deposit

DEWA security deposit is a refundable deposit amount paid in cash or credit card (for online payment option only) to DEWA to obtain the electricity and water connection. The same is deducted from the tenant’s final bill upon closing the account on termination of the account.

  • Security deposit for Apartments is AED 2,000
  • Security deposit for Villas is AED 4,000

 

Connection fee

  • AED 100 for connection
  • AED 10 for registration
  • AED 10 for knowledge fee
  • AED 10 for innovation fee

 

 

Chiller (Central Air Conditioning) Security Deposit

In projects where the chiller or chilled water charges are not included in landlord’s annual service charges of the property, the tenant is required to secure their own chiller connection from the appointed chiller service supplier for that project. Security deposit may vary for different chiller suppliers from AED 1,000 to AED 2,000 or more depending on the size of the property and air conditioning units. To name a few, Empower, Emicool and Techem are amongst the most common chiller suppliers for overall communities or single buildings in Dubai.

 

 

Cooking Gas Security Deposit

Some communities or projects may require you to have a separate gas connection for cooking gas instead of the electric cooking option. 

Security deposit amount and connection charges may vary for different cooking gas suppliers from AED 500 to AED 1,000 or more. To name a few Lootah BCGas, Shield Gas and Al Fahidi Gas are amongst the most common cooking gas suppliers for overall communities or single buildings in Dubai.

 

 

**Either for residential or commercial real estate, 5% Value Added Tax (VAT) is payable by the tenant for all the above fees to each vendor as may be applicable

 

 

 

 

 

 

 

 

MANDATORY DOCUMENTS

 

 

 

 

If Individuals 

  • Landlord’s valid passport copy
  • Tenant’s valid passport copy with visa page (if a non-GCC national)
  • Tenant’s valid emirates ID (if a non-GCC national)
  • Title Deed copy of the property
  • Final DEWA bill or proof of no outstanding amount with DEWA
  • Confirmation receipt of Ejaari cancellation if any Ejaari registered with the property
  • If signatory(s) of either or both parties’ is different than the owner(s) of the property, then the original and valid Power of Attorney (POA) to the appointed signatory is mandatory
  • The POA must specify the rights to rent the property and must also specify the property details.
  • For POAs prepared in UAE, must be attested from UAE Courts and legally translated into Arabic.
  • For POAs prepared abroad must be attested from the Court of the country of origin, consulate of the country of origin and UAE consulate in the country of origin, legally translated in Arabic and then attested with Ministry of Foreign Affairs in UAE.
  • Valid passport or Emirates ID copy of the POA holder.

 

 

 

 

 

If UAE based mainland companies

  • Trade License copy of the company (For landlord and tenant)
  • Title Deed copy of the property
  • Final DEWA bill or proof of no outstanding amount with DEWA
  • Confirmation receipt of Ejaari cancellation if any Ejaari registered with the property
  • Copy of valid passport with visa page and valid emirates ID of the signatory or signatories, if UAE resident
  • Authorized signatory or signatories of the company must be one of the following:
  • All shareholders of the company as mentioned in the trade license
  • Manager of the company as mentioned in the trade license
  • One of the shareholders of the company appointed by the board.
  • In case the authorized signatory is one of the shareholders appointed by the board then, original and valid board resolution signed by all the shareholders of the company will be required and it must mention the rights to sell or buy real estate.
  • It should be legally attested and translated into Arabic
  • Legal Power of Attorney (POA) holder of the Company
  • If the authorized signatory of the company is a POA holder and not one of the shareholders of the company, then copy of a valid Power of Attorney (POA) copy, from the shareholder(s) to the appointed signatory is mandatory, which must specify the rights to rent the property and must also specify the property details.

 

 

 

If UAE based Free zone companies

  • Copy of the Trade License or Incorporation Certificate (For landlord and tenant)
  • Copy of Incumbency Certificate or Shareholder’s Certificate (For landlord and tenant)
  • Copy of Memorandum and Articles of Association with legal Arabic translation (For landlord and tenant)
  • Copy of a valid Title Deed of the property
  • Final DEWA bill or proof of no outstanding amount with DEWA
  • Confirmation receipt of Ejaari cancellation if any Ejaari registered with the property
  • Copy of valid passport with visa page and valid emirates ID of the signatory or signatories, if UAE resident
  • Authorized signatory or signatories of the company must be one of the following:
  • All shareholders of the company as mentioned in the certificate of incumbency
  • One of the shareholders of the company appointed by the board.
  • In case the authorized signatory is one of the shareholders appointed by the board then a copy of the board resolution signed by all the shareholders of the company will be required and it must mention the rights to sell and buy real estate.
  • It should be legally attested and translated into Arabic.
  • Legal Power of Attorney (POA) holder of the Company
  • If the authorized signatory of the company is a POA holder and not one of the shareholders of the company, then copy of a valid Power of Attorney (POA) copy, from the shareholder(s) to the appointed signatory is mandatory, which must specify the rights to rent the property and must also specify the property details.

 

 

 

If Oversees Off-Shore Company
**All oversees off-shore company docs should be attested from the consulate of the country of origin and UAE consulate in the country of origin, legally translated in Arabic and then attested with Ministry of Foreign Affairs in UAE.

 

  • Copy of valid Trade License or Incorporation Certificate
  • Copy of Incumbency Certificate or Shareholder’s Certificate
  • Copy of Memorandum and Articles of Association
  • Copy of a valid Title Deed of the property
  • Final DEWA bill or proof of no outstanding amount with DEWA
  • Confirmation receipt of Ejaari cancellation if any Ejaari registered with the property
  • Copy of valid passport with visa page and valid emirates ID of the signatory or signatories, if UAE resident
  • Authorized signatory or signatories of the company must be one of the following:
  • All shareholders of the company as mentioned in the certificate of incumbency
  • One of the shareholders of the company appointed by the board.
  • In case the authorized signatory is one of the shareholders appointed by the board then, copy of a valid board resolution signed by all the shareholders of the company will be required and it must mention the rights to rent real estate.
  • It should be attested from the consulate of the country of origin and UAE consulate in the country of origin, legally translated in Arabic and then attested with Ministry of Foreign Affairs in UAE.
  • Legal Power of Attorney (POA) holder of the Company
  • If the authorized signatory of the company is a POA holder and not one of the shareholders of the company, then copy of a valid Power of Attorney (POA), from the shareholder(s) to the appointed signatory is mandatory, which must specify the rights to rent real estate and must also specify the property details.
  • For POAs prepared in UAE, must be attested from UAE Courts and legally translated into Arabic.
  • For POAs prepared abroad must be attested from the Court of the country of origin, consulate of the country of origin and UAE consulate in the country of origin, legally translated in Arabic and then attested with Ministry of Foreign Affairs in UAE.

 

 

 

FAQ


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