When selling a house, you can be tempted not to disclose information that may affect the sale price. However, non-disclosure is an offence that results in termination of the contract, fines and potential lawsuit.
Whether you’re selling an apartment in an area like Downtown Dubai or selling an Arabian Ranches Villas, here are some of the things you must disclose:
- Pre-contractual disclosure obligation
As a seller you are required to disclose all the defects of the property title to the buyers. For instance, a section of the land registered in the title, maybe in use for a specific function such as a shared driveway. Also, disclose any covenants that may affect the use of value of the land. In addition, remember to disclose whether the property is under any lease agreement. It is important to involve a real estate attorney to help with the selling process to help you with legal matters.
- Building consent
If you have made any major changes on the property, you should provide the necessary documentation to prove that all the works were approved by relevant authorities. Also, if the neighbouring property has applied for permits that can affect the property, remember to notify the buyer. In case there is a dispute, the buyer will be prepared in advance.
- Property defect
Although some buyers organize an inspection before they can put an offer, it is good to disclose any defects on the property. Does the property have structural problems, damp or even pest infestation? Are there appliances that are not working properly? Most people avoid disclosing these issues because they can affect the price.
- Off-plan property
In the recent past, off plan properties in Dubai such as Port de la mer or Tilal Al Ghaf townhouses have become very popular. Unlike other types of properties, the information you need to disclose is more complicated and extensive than a ready-built property, especially if the property is located in a community. In such a case, statutory warranties may be required. Therefore, you should involve an attorney who understands these types of contracts.
- Accurate sales price
Legally, property advertisements should not be misleading at all. One common mistake practised by some of the real estate agents in Dubai is to under quote the price of the property to attract buyers. As a private seller, you can get into real trouble for misleading buyers about the price of the property.
Be First to Comment