For the majority of investors, the real estate market in Dubai offers a great opportunity to grow their wealth. As a result, investors from all across the globe purchase a variety of properties here and try to sell them after a few years, gaining a significant return on their investment.
And many of these investors prefer to buy villas over apartments, townhouses, etc. mainly because of their potential for higher returns. However, the concern of having to face complications during the process of selling a Dubai property from abroad was there for several years.
For instance, if you’re a foreigner and own a villa in Dubai, you can always choose an online portal and list it in the category of “villas for sale in Dubai.” But once you find the right buyer, the main concern becomes how to complete the transaction without being present there physically.
Fortunately, there is a highly useful method to make this happen in a hassle-free manner. If you are wondering what the process is, continue reading this post till the end.
Sign a Power Of Attorney
Signing a Power Of Attorney is the most important thing you need to do when you are all set to sell your Dubai property from abroad. By using this extremely useful and practical legal instrument, you can grant a person of your choice the right to complete the entire transaction on your behalf.
You can use a Power Of Attorney to sell different types of assets including properties, shares, vehicles, etc. from a foreign country. However, in the context of selling a real estate property in Dubai from another country, there is a specific Power Of Attorney that needs to be signed.
It is also vital to note that the validity of your Power Of Attorney will be just two years. And when you use it to provide someone with the right to sell your Dubai property, you must contact the appropriate authorities to make it legalized.
Till some years ago, foreigners, who owned properties in Dubai and wanted to sell them without being physically present during the process, could give Power Of Attorney to real estate brokers and agents and act on their behalf.
However, some changes have been made to this process by the DLD. Now, you, as the owner of the property, are required to nominate a relative or friend who currently resides in the UAE. Once the person receives your nomination through the Power Of Attorney, they can represent you in all the steps of the sale process.
It is completely unrealistic to assume that every foreigner, who owns a property in Dubai and wants to sell it, will have a relative or friend in the UAE. However, if you do not know a person whom you can rely on, you can still sell the property efficiently without being present during the process. To do this, you need to use the services of a reputable property dealer in Dubai.
These new steps and regulations have been introduced by the DLD to ensure that property transactions remain completely safe and property sellers remain fully protected.
There are some other important things that you need to be aware of before initiating the process of selling your property in Dubai. Perhaps the most important thing in this regard is who gets to receive the sales proceeds. According to the new regulations, the real estate agent, who is hired by you and has received Power Of Attorney from you, will not be entitled to receive the sales proceeds.
Your agent can only receive it if they get special approval from the DLD. And they need to obtain this approval before the initiation of the property transfer process.
Additionally, even if it is specified in the Power Of Attorney that your agent is entitled to receive the sales proceeds, the title of transfer will be blocked by the DLD. This can only be undone when the buyer of the property issues a manager’s check in your name.
If you want to avoid this, you may ask the buyer to issue the manager’s check in the name of DLD. Then, the sales proceeds will be transferred to you by the DLD. However, it may charge a certain fee depending on the value of your property and its type.
With the help of the Power Of Attorney, your agent can also meet all other legal requirements related to the sale of the property on your behalf, ensuring that you get to experience a smooth process.
Perhaps you have noticed that when it comes to selling a property in Dubai from abroad, it is extremely important to work with a reputable real estate agency in the city. Choosing the wrong broker not only can delay the process but may also make it greatly complicated for you.
If you want to hire one of the leading real estate agencies in Dubai, you may contact fäm Properties. With years of experience in the field and a robust team of real estate experts, it can help you in every aspect of the sale process, from listing your villa in its “city walk apartments for rent” category to taking care of the entire transaction process.