The real estate market of Abu Dhabi offers a wide range of property units for investments. Amidst these properties, off-plans are considered a lucrative investment opportunity, thanks to higher returns and lower initial investment. The transaction process of off-plan units is similar to that of ready-to-move-in properties. However, reselling off-plan properties in Abu Dhabi requires some additional steps and legalities.
We have mentioned the complete process elaborating on the resale of off-plan properties in Abu Dhabi. Let’s go through them in detail.
Steps to Resale Off-Plan Property in Abu Dhabi
Here are all the steps involved in the resale of off-plan property in Abu Dhabi.
Check Your Eligibility
The first step prior to initiating the resale process is to check your eligibility. Many builders set the minimum payment limit prior to reselling the off-plan property. As per the limit, buyers are not allowed to resell their off-plan properties, till they have paid a certain amount out of the total. Usually, this is 30% of the total amount.
Once done, read the Sales and Purchase Agreement (SPA) that you signed with the developer. Go through all the clauses related to reselling off-plan property and check whether you can sell the property or not.
Find a Buyer
After verifying the eligibility of reselling, it’s time to search for a buyer. For this, either seek professional assistance from a licenced real estate agent or opt for digital platforms. There are multiple benefits of hiring a real estate agent for the process, but their service fees can be high. Usually, real estate agents charge 1% to 3% of the total property value.
To avoid this hassle, use digital real estate platforms like dubizzle. With the myriad of users, dubizzle offers a better reach that can catalyse the buyer-finding process. Have a glimpse at these properties for rent in Abu Dhabi listed on dubizzle.
Obtain NOC
A No Objection Certificate (NOC) is required by the developer for the resale of off-plan properties in Abu Dhabi. The certificate testified that the developer has no issues with the current owner selling the property to a new owner.
Complete Legalities
To legalise the property transaction, it is necessary to register it with the authorities. Following are the steps for sales contract initiation in Abu Dhabi.
- Step 1: Log in to the DARI app and select ‘Sales/Purchase’
- Step 2: Select ‘Property Type’ and paying method (mortgage or cash)
- Step 3: Fill in all the details regarding buyer and seller
- Step 4: If required, add power of attorney
- Step 5: Upload all the documents required and complete the process
Once the sale is registered, a notification will be sent to the buyer. The buyer will review the agreement and approve or reject the agreement. After that, the buyer will have to wait for the DMT approval. Follow these steps after receiving approval from DMT.
- Step 1: Book an appointment to sign a sales agreement
- Step 2: Select the preferred location, date and time
- Step 3: Pay the fee and complete the application
After the agreement is signed, a notification of the new title deed will be sent to both buyer and seller.
Documents Required
Here is the complete list of documents required to sell property in Abu Dhabi.
- Title Deed, not exceeding 180 days
- Valuation Certificate, not exceeding 30 days
- Letter from the developer specifying the location of the property
FAQs
Can I sell my off-plan property in Abu Dhabi before completion?
Yes, buyers are allowed to sell their off-plan properties prior to completion. However, it is necessary to cater to the minimum amount payable limit.
Is buying off-plan property worth it?
Off-plan properties are generally considered an ideal investment, as they require low initial investment and offer higher returns after completion. Here are the pros and cons of buying off-plan property in Abu Dhabi explained in detail.
How much is the valuation price and municipality fee in Abu Dhabi?
The valuation price and municipality fee in Abu Dhabi are calculated automatically when initiating a property sale through DARI. It is 2% of the valuation or selling price or 1% of the valuation or selling price remaining from the contract (whichever is higher).
This was the complete process pertaining to the resale of off-plan property in Abu Dhabi. The transparent property transaction processes increase investors’ trust leading to a growing real estate market. That said, if you are also interested in availing of this growing market, browse through these properties for sale in Abu Dhabi and invest in the real estate.
If you have already purchased a property, here is how to transfer the property ownership in Abu Dhabi.
Stay tuned to dubizzle’s property blog for more information on reselling properties.
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