What is sales progression?

Are you currently in the middle of your first sale or the first of many sales?

Then you might already know how hectic, lengthy and tiring a sale process can be. Especially if it is a finance sale - From back-and-forth agreements, sales negotiations and the list goes on.

Did you know - this sale can be processed much more easily if a sales progression professional is involved?

If you are unsure about what sales progression is or how you can trust a sales progression officer to process the sale of a property in Dubai!

Let us break it all down for you…

What is sales progression?

Sales progression is the process of monitoring the property transaction which takes place from the time an offer is accepted by the seller on a property, right through to completion and handing over the property to the buyer.

What is a sales progression officer, and do I need one?

A sales progression officer, or a sales progressor is a professional who ensures that the sale progresses smoothly and efficiently, minimising delays and addressing any issues that may arise during the process.

What are the benefits of having a sales progression officer?

There are multiple benefits of having a sales progression officer, such as:

1. Sales progression officers are experienced in handling property transactions and can navigate potential pitfalls that might delay or derail the sale quickly and efficiently.

2. An SPO can manage the paperwork, communications, and problem-solving, allowing you to focus on other responsibilities of your sale.

3. They are highly efficient. Their experience can help expedite the sales process, ensuring timely completion as well as ensuring there are no legalities involved.

So, how does a sales progression officer process a sale of a property in Dubai?

It's quite simple, given both parties are in full agreement - here are the top steps you’d need to follow to have a seamless property transfer in Dubai alongside your sales progression officer:

1. Sign the sales agreement

The first step to a seamless transfer is that once a buyer and seller have reached an agreement on the terms of the property sale, a sales agreement is drafted by your sales progression officer.

Your sales progression team or officer will then draft up two agreements and both parties will sign the Unified Form F and an Agreement of Sale which are binding agreements between the buyer and seller.

These documents will outline the terms and details of an understanding, including each party's requirements and responsibilities.

The agreement also outlines the terms and conditions, purchase price, payment schedule, and other relevant details. It is recommended to involve a lawyer in this process, as your lawyer along with your sales progression expert will review and ensure the agreement's legality and fairness.

2. They help you with the due diligence

If you’re a buyer, we suggest conducting a thorough due diligence on the property. Your sales progression officer can help you with it, including verifying the legal status, ownership, and any outstanding debts or liabilities on the property.

This step may involve obtaining property documents, such as title deeds, survey reports, and No Objection Certificates (NOCs) - again, which can be easily obtained if you have the assistance of a sales progression officer.

3. Safely manage the escrow account

In Dubai, it is common for property transactions to involve an escrow account.

This is where the buyer deposits the agreed-upon amount into the escrow account, which acts as a neutral intermediary between the buyer and seller. The funds are given to the seller by the sales progression officer upon fulfilling the contract rules, who will ensure a secure and transparent transaction.

4. Managing the property transfer application

The SPO then prepares and submits the necessary documents and applications to the Dubai Land Department (DLD) for the property transfer. This includes completing the relevant forms, paying the transfer fees, and providing supporting documents.

For the property transfer, you have to ensure your sales progression officer has the following documents ready:

• A manager’s cheque for the property price which is payable to the seller
• The original identification documents of the buyer and seller (Emirates ID, passport)
• The original NOC issued by the developer Signed Contract F (MOU)

5. Mortgage clearances (if applicable)

If the property being purchased is mortgaged, the buyer and seller coordinate with the mortgage lender to clear the outstanding loan amount on the property. This step involves obtaining a mortgage clearance certificate from the lender.

When the mortgage lender has given the go-ahead for the mortgage, the buyer will have to submit a number of documents requested by their bank to get their final mortgage approval. This process will revolve around their finances and the bank may ask for credit card statements or other private financial documents.

Depending on circumstances, the bank can take around 7 calendar days to release the mortgage final offer letter.

6. Final payment and title deed transfer:

Upon completion of all required procedures and approvals, the buyer makes the final payment to the seller. Once the payment and receipt of payment are received, the sales progression officer will transfer ownership and the title deed to the buyer.

Once done, the SPO will help in obtaining a moving-in permit from the developer.

Hope this was helpful!

If you’d like any further guidance on how to manoeuvre your next sale - get in touch with our sales progression team!