Terms and Conditions

1-   Seller Terms and Conditions

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-   Investor Terms and Conditions:

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

Index (I) List of Fees/Payments