Selecting a preferred property according to need, desire, and budget to buy is a big decision and required hard efforts. Same for sellers, finding the best buyers is not easy. Often, mostly sellers don’t have an idea of the additional cost of selling property in Dubai. The additional cost of selling the property becomes surprising. Now, Tag properties are demonstrating the additional cost or we can say additional charges on selling property in dubai.
An Additional Cost of selling Property In Dubai.
- NOC Fees – A no-objection certificate is issued by the developer. NOC confirms that all the charges, fees, and property cost has been paid by the buyer and there is no outstanding on the buyer. Now, Developer has no right to the property and the property belongs to the buyer. Cost of issuing property NOC is an upfront additional cost. The NOC issuing charges in dubai are between AED500 to AED5000 and it is paid by the buyer.
- Agency fees – Agency fee is other fees paid by the seller. Sellers should use RERA form A to hire a real estate agency in Dubai. Form a includes the percentage of an agency that is paid by the buyer to the agency on the selling price of the property. Normally real estate agencies charge a 2% commission on the price of selling. Real estate agency work is to promote the property in the market and find the best quality buyer for the property.
- DLD Fees – Dubai Land Department (DLD) is the UAE government department that takes care of all the real estate transactions in Dubai. Except, NOC and agency fees, DLD fees is another additional cost. The DLD fee is 4% on the selling price on the selling price of the property. The DLD fees either 2% paid by the buyer and 2% seller by the seller or according to the agreement between buyer and seller.
4. Transferring Ownership Fees –
This fee is also paid to DLD (Dubai Land Department). DLD does not charge transfer ownership fees in percentage DLD charges ownership transferring fees on the sold price of the property.
– Property selling price is below AED500,000 – DLD charge AED2,100
– Property selling price above AED500,000 – DLD charges AED4,200.
Transferring ownership charges can be divided half between the buyer and seller. Or Paid by the buyer and seller according to the agreement.
The above selling property charges apply only on ready property, not for a mortgaged property. Maybe additional charges can be applied to the mortgaged property according to the case.
Off-Plan Property Selling Fees And Charges In Dubai
Before selling the off-plan property check with a developer that any charges or restrictions apply over selling property. Are there any additional charges and restrictions after paying a percentage of payment according to the agreement? The developer allows the buyer to sell the property after paying some percentage of the amount of the property.
Mortgaged Property Selling Fees And Charges In Dubai
When possible you can sell the mortgaged property. Seller as to pay above written ready property selling charges and some other charges that apply on a mortgaged property.
- Early Settlement charges and Fees – You can understand by the name early settlement. Early settlement fees apply when the seller is settled the mortgaged before the time period. The Early settlement fee is 1% or AED10,000 whichever is lesser.
- Blocking Charges – This fee is paid by the seller to block the property in the name of the buyer. Blocking charges are AED 1,020 – AED 1,520. It paid to protect the buyer so that the property can’t be sold to others.
- Mortgage Release Charges – The mortgaged release charge is a must to pay and paid by the seller to release the mortgage. The normal mortgage release fee is AED1,290 and for Islamic mortgage release fees is AED1,560.Hope this article will help you. Sellers can easily calculate the fees and charges before selling property in dubai.