1.1. Registration as a Seller
1.1.1.
Registration in Smart Investment Map is free of charge for all user
1.1.2. Seller agrees to hold sole responsibility for all information
he/she submits through Smart Investment Map, including but not
limited to: personal information, image files, video files and any other
uploaded documents. Furthermore, Seller hereby indemnifies operators of Smart Investment Map from any and all liability arising directly or
indirectly from any incorrect information submitted to Smart Investment Map
1.1.3. If the seller is a property owner, the following supporting
documents must be uploaded when he/she submits the registration request:
i.
Owner passport copy
ii.
Copy of property title deed
1.1.4. If the seller
is representing a development company or owner company, the following
supporting documents must be uploaded when he/she submits the registration
request:
i.
Representative passport copy
ii.
Copy of Trade license
iii. Copy of
property title deed
iv. Authorization
letter
1.1.5. If the seller
is representing an owner, the following
supporting documents must be uploaded when he/she submits the registration
request:
i.
Owner passport copy
ii.
Representative passport copy
iii. Copy of
property title deed
iv. Power of
Attorney
1.1.6. If the seller
is a broker, the real estate office must register first in Smart Investment Map.
All active brokers can then submit their registration requests.
1.1.7.
Upon online registration
request completion, seller must visit Dubai Land Department for identity
verification (original
passport must be presented) and to sign delegation of sale
1.2.
Listing a Property
on Smart Investment Map
1.2.1.
Listing fees:
1.2.1.1. Listing on Smart Investment Map is free of charge
1.2.2.
Listing Prerequisites:
§
If property is rented, make
sure to register tenanct contract in Ejari before listing the property on Smart Investment Map
§
A title deed must be issued
for a property to be listed on Smart Investment Map
1.2.3.
Asking Price: Asking
price includes service charges until the expiry date of the current service
agreement
1.2.4.
Allowed Currency:
The system allows users to make all payments in UAE Dirham only
1.2.5.
Listing Details:
1.2.5.1.
Direct Sale
§
Seller can upload a maximum
of 15 pictures and minimum of 3 pictures, covering different areas and
facilities of the property
§
Asking price should be
within the range of current market price
§
For negotiable price listings,
seller must specify the lower range for acceptable offers
1.2.6.
Listings Approval:
1.2.6.1.
Direct Sale
§
Once Direct Sale request is
approved, property will be listed under “Direct Sale” and will be available for
immediate booking or negotiation.
1.2.7.
Listing Rejection: Dubai
Land Department has the right to reject any listing which is considered as noncompliant
to Dubai Land Department requirements and notify the seller with the rejection
reason, reserving seller’s right to relist his/her property on Smart Investment Map
1.2.8.
Blocking Property: Listing
a property on Smart Investment Map will block the property in Dubai
Land Department from any transaction. The property will be released on property
registration in Dubai Land Department (for closed deals) or by the end of
listing period or when a property is delisted by the seller.
1.2.9.
Listing Period:
1.2.9.1.
Direct Sale:
§
Listing period is maximum
30 days from listing date (approval date on Direct Sale request).
1.2.10.
Listing Cancelation:
1.2.10.1. Direct Sale:
§
Seller has the right to
delist a property from Direct Sale unless the seller accepted an offer or a
investor placed a Book Now request (Book Now requests do not require seller
approval).
1.2.11.
Delisting:
1.2.11.1.
Direct Sale:
§
Property will be delisted
from Smart Investment Map if the property is booked or when listing
period expires without booking the property or accepting any of the offers for
negotiable price listings
1.3. Selling a Property on Smart Investment Map
1.3.1.Booking
1.3.1.1. Negotiable Price: Interested investors will be able to send
their offers to the seller provided that they must be higher than the previous
submitted offer. Seller has the right to accept or reject any of the offers and
investor will be notified accordingly.
1.3.1.2. Non-negotiable Price: Properties listed with a
non-negotiable price will be booked immediately once a booking request is
received. Seller approval will not be required.
1.3.1.3. Complete Payment: Investor should pay the balance amount (remaining
from property price after deducting the booking security amount + sale
registration fees) within 20 working days from booking date.
1.3.1.4.
Ownership transfer: To
complete sale transaction, seller must pay 2% of final selling price (out of 4%
as total sale registration fees) + AED 10 knowledge fee (all paid for DLD).
These amounts will be deducted from the final amount paid to the seller.
2.
2.1. Registration
2.1.1.
Registration in Smart Investment Map is free of charge for all users
2.1.2. Bidder/investor agrees to hold sole responsibility for all
information he/she submits through Smart Investment Map, including
but not limited to: personal information, image files, video files and any
other uploaded documents. Furthermore, Bidder/investor hereby indemnifies
operators of Smart Investment Map from any and all liability arising
directly or indirectly from any incorrect information submitted to Smart Investment Map
2.2. Buying a Property on Smart Investment Map
2.2.1.
Direct Sale
2.2.1.1.
Viewing: Investors
bears the responsibility to view the property and confirm its specifications
mentioned in the listing before submitting a booking request
2.2.1.2.
Negotiable price
property:
§
Negotiation: Interested
investors will be able to send their offers to the seller provided that they must
be higher than the previous submitted offer. Seller has the right to accept or
reject any of the offers and investor will be notified accordingly.
2.2.1.3.
Booking security payment
(submitting an offer): Online booking security payment of AED 100,000 must
be paid by the interested investors at the time of submitting an offer to the
seller using one of the following channels:
i
Direct Bank transfer from
one of the affiliated banks with Noqodi
ii
Bank transfer from any
bank. This option requires an additional step to send the transfer receipt to Noqodi to update user account
§
Accepting an offer: Once
the seller accepts the best offer, winning investor will be notified. All other
users will be notified with the rejection of their offers.
§ Refund booking security amount: Non-winning investors will have their
security payment refunded within 5 working days from offer rejection date
2.2.1.4.
Non-negotiable price
property
§
Booking security payment:
Online booking security payment of AED 100,000 must be paid by the
interested investor at the time of submitting a booking request using one of the
following channels:
i
Direct Bank transfer from
one of the affiliated banks with Noqodi
ii
Bank transfer from any bank.
This option requires an additional step to send the transfer receipt to Noqodi to update user account
§ Immediate booking: Properties listed with a
non-negotiable price will be booked immediately once a booking request is
received. Seller approval will not be required.
2.2.3.
Ownership Transfer
§
Title Deed Information:
Investor information on property title deed will exactly match the information entered
for registration unless requested by the investor at the time of payment
completion or title deed issuance
§ Ownership transfer steps:
i.
Investor must pay the following
amounts within 20 working days from booking date:
·
Balance amount = [Final
selling price – AED 100,000 paid as booking security amount]
·
2% of the final selling
price (out of 4% as total sale registration fees) + AED 10 knowledge fees
·
AED 250 for unit/Villa map
issuance + AED 10 knowledge fees OR AED 100 for Land map issuance + AED
10 knowledge fees
·
AED 250 for title deed
issuance + AED 10 knowledge fees
ii.
investor must pay the balance
amount through one of the following methods:
·
Direct Bank transfer from
one of the affiliated banks with Noqodi
·
Bank transfer from any
bank. This option requires an additional step to send the transfer receipt to Noqodi to update user account
iii.
The following amounts will
be deducted from the final amount paid to the seller
·
2% of the final selling
price (out of 4% as total sale registration fees) + AED 10 knowledge fee
iv.
A cheque
will be issued in seller name within 6 working days from the date of receiving
the balance amount from the investor
*In case of discrepancy
between the Arabic and the English texts, the Arabic text shall prevail and be
adopted
Direct
Sale
|
Beneficiary
|
Received Amount
|
Paid Amount
|
|
Final Selling Price +
2% sale registration fees + AED 100/250
for map issuance + AED 250 for title deed issuance + AED 30 knowledge fees
|
Investor
|
Final Selling Price – ( 2% sale registration
fees + AED 10 Knowledge fees)
|
|
Seller
|