The final steps of a property sales transaction are where deals are made or broken. Here are the important things you need to know to help you successfully close the deal
When selling your house, it’s not enough to have a buyer. To complete a property sale, you will have to manage lots of paperwork and even engage in last-minute negotiations during the final phase of the transaction. Good preparation will help you successfully and confidently manage the crucial final steps of the home-selling journey. Here are the important steps you should know about
You shouldn’t rush to accept an offer. Always take time to carefully review every one of them. Once you find one that meets your expectations, respond in writing to signify that you accepted the offer. You can include in the letter all the agreed-upon details to ensure both parties are clear on the terms of the sale. You can then start the process of closing the deal.
Prepare all pertinent documents like the title deed and a no-objection certificate (NOC) from the developer. Depending on the property and the developer, there will be various property handover documents that will need to be signed and completed, including the transfer of utilities and property management services.
The process of going over contracts and legal documents and ensuring that the sale complies with Dubai’s real estate laws is best left to the legal experts. Get the help of a real estate lawyer to review the documents. On Gllit, we provide a menu of services that allows you to choose specific services you need, including engaging with a legal consultant, which makes it a cost-effective approach to managing property sales transactions. Also, make sure that you have cleared financial obligations relating to the property, including securing mortgage clearances and settling all outstanding dues.
Schedule a walkthrough or final inspection of the property with the buyer to ensure the property is in the right condition during the transfer. Note any issues that you or the buyer may find and make sure to address these promptly to avoid delays in closing the deal.
The seller and homebuyer will meet to formally close out the deal at the Dubai Land Department (DLD) or a registered trustee office. This is the stage when the transfer of ownership will be completed and payment is made, usually through a cheque payable to the seller on the date of the transfer. After all the formalities, the seller will then hand over the keys to the house to the new owner. Also, don’t forget to notify relevant entities about the change in ownership, including the homeowners’ association.
The final phase of the selling process is where everything comes together. Preparation is therefore key to successfully closing the deal. It is important to come prepared to complete various paperwork, secure permits, and NOCs, and ensure that the property is ready for handover to its new owner. Knowing and understanding these crucial steps in this stage of the transaction will help make the process of closing a mutually beneficial experience.
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