Quick Property Search

The Brokers Process

The Target (A sale) : Happy Buyer + Happy Seller = Happy Agent

As a sales person, the target is a successful sale where the Buyer is happy, the Seller is happy and then the Agent is happy (when they are paid for a job well done.

The most basic principles apply just the same as in any country world wide. By understanding these principles, all are able to more effectively perform their role and respect the role in the transaction of each other throughout the process.

RERA have provided links to enable all to understand the meanings of certain words and terminologies used in real estate and also used in real estate in Dubai. We all need to talk the same language and understand the meanings or definations. In a sale process there is the people, the property, the process of sale or transacting the business.

The People…

The Seller
The Buyer
The Agent

The property – this can be either…

Whole Building

The property may be described as either…

Service Utility
Government Use only

The property is the actual property. Regardless if it is ‘off-the-plan’ being a non-completed building and only a piece of paper, if you have bought it, and have the essential forms and documents, RERA treat it as though it is your asset and your property

There are two parties to a real estate transaction – A Buyer and a Seller.

Then there is the Agent, who is secondary in the transaction if this applies.
The Agent is an intermediary only. They may however, be a stakeholder in the transaction process. A Broker / Agent is permitted to represent and act for one party and receive a fee. If they work in favor of the other party or receive a benefit or reward then their right to claim a fee is terminated Refer By-Law No. (85) of 2006 Article (19) & Article (21)
In Dubai, real estate agents and brokers have come from many different countries with differing approaches to the real estate property sale transaction. The terminologies also differ from country to country, as well as the sale process. What may be acceptable in a regulated property market in a western nation, it may not be acceptable here in Dubai and especially under the new By-Law No. (85) of 2006. Now almost two years since this By-Law was announced and implemented, it is essential that all Dubai real estate brokers and agents, all Dubai property investors – Buyers and Sellers as well as the property developers, are all speaking the same real estate “language” and the interpretations are understood with the same meaning.
Therefore, the following information on the real estate sales process briefly explains the process beginning with the property listing then working with a Buyer’s Agent, the two independent intermediaries being the Buyer’s Agent and the Seller’s Agent working together and how real estate sales occur in Dubai.

Real Estate Agents / Brokers in Dubai under By-Law No. (85) of 2006 are NOT entitled to a commission or fee for service until the transaction is settled and completed. This is the contract agreement between the Buyer and the Seller with both parties meeting their respective obligations to each other, and each to complete their part of the agreement.

In an agreement or contract between the Buyer and the Seller, the Agent must not influence either of these two parties in a way that causes a breach their client’s agreement but must do their up most to support their respective client � the Buyer for the Buyer’s Agent, and the Seller for the Listing Agent, in fulfilling their part of the agreement.

The Agent, facilitating the sale for their respective client has an obligation and duty to retail all records pertaining to the client, the property and the transaction. This includes all proof of all sent and received faxes, emails, correspondence, couriered documents to be maintained on the sale file. The sale file is critical if a problem occurs and one party is in default of their contract.

Accompanying the sale file, the Listing file must be fully maintained. All associated instructions, logged discussion notes, correspondence, copies of advertising and copies of invoices for advertising and any other cost.

A property is listed “For Sale” to attract an interested Buyer who wants to buy the property. The Buyer, in most instances, may originate from a Buyer’s Agent representing the Buyer, however the process usually commences with the listing of a property for sale.

Buy Emaar Property In Dubai