How do you sell your commercial property?

How do you sell your commercial property?

Wednesday 30 August 2023Wed 16 Feb
How do you sell your commercial property?

Planning to sell your commercial property in Dubai?

Did you know, commercial properties are possibly Dubai’s property markets best kept secret to a higher return on investment when compared to residential sales!

Want to get a piece of the action and find out how you can sell your commercial property in Dubai?

Here’s your guide to navigating through the sale of your commercial property in Dubai!

Property valuation: Start by determining the market value of your commercial property. Consult with real estate professionals or appraisers to get an accurate estimate of its worth.

Choose a real estate agent: Consider hiring a reputable real estate agent with experience in commercial property sales in Dubai. They can help market your property effectively and guide you through the process.

Preparation and presentation: Enhance the curb appeal and overall appearance of your property. Clean, repair, and update the property if necessary to make it more appealing to potential buyers.

Marketing strategy: Work with your real estate agent to create a comprehensive marketing strategy. This may include online listings, professional photography, virtual tours, and targeted advertising.

Legal compliance: Ensure that your property has all the necessary legal documents and approvals in place. This includes obtaining a No Objection Certificate (NOC) from the Dubai Land Department if required.

Negotiations: Once potential buyers show interest, negotiate the terms of the sale. Be prepared to discuss price, payment terms, and any other relevant conditions.

Purchase agreement: Once an agreement is reached, work with a legal professional to draft a detailed purchase agreement outlining the terms and conditions of the sale.

Due diligence: Buyers will typically conduct due diligence, which may involve inspections, financial verification, and legal checks. Provide any requested information promptly to facilitate the process.

Transfer of ownership: Once due diligence is complete, the buyer and seller will sign the final agreement and transfer ownership through the Dubai Land Department. This involves submitting the necessary documents and paying the required fees.

Completion: On the completion date specified in the agreement, the property's ownership will officially transfer to the buyer. Ensure all payments are made and documents are processed accordingly.

Handover: Coordinate with the buyer to hand over the property, including keys and any necessary information.

Post-sale procedures: Inform relevant parties (utilities, tenants, etc.) about the property's change in ownership. Close any utility accounts associated with the property.

And voila, you have sold your commercial property!

Interested to know more?

Check out our Taking Care of Business podcast on commercial real estate, or get in touch with our sales experts to help you with your next sale!

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