1-   Seller Terms and Conditions

1.1.   Registration as a Seller

1.1.1.    Registration in eMart is free of charge for all user   

1.1.2.    Seller agrees to hold sole responsibility for all information he/she submits through eMart, including but not limited to: personal information, image files, video files and any other uploaded documents. Furthermore, Seller hereby indemnifies operators of eMart from any and all liability arising directly or indirectly from any incorrect information submitted to eMart

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 eMart. 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 eMart

1.2.1.      Listing fees: 

1.2.1.1.    Listing on eMart 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 eMart

§  A title deed must be issued for a property to be listed on eMart

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.    eAuction

§  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

§  Proposed auction start date = auction request date + 5 working days for auction request approval from DLD

1.2.5.2.    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.    eAuction

§  Once auction is approved, property will be listed under “Upcoming Auctions” till auction start date commence.

1.2.6.2.    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 eMart

1.2.8.      Blocking Property: Listing a property on eMart 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.    eAuction:

§  Listing period is maximum 30 days from listing date (approval date on auction request) including the pre-open auction period and bidding period (5 working days) . This period can be less than 30 days if seller decided to start the auction in an earlier date.

 

i.e. if seller submits an auction request on 21^st of February 2013

and selects auction date as 28^th of February 2013

 eMart admin approved auction request on 24^th of February 2013

Then listing period is 4 days + bidding period of 5 working days = [from approval date (24^th of February 2013) to auction date (28^th of February 2013)]+ bidding period of 5 working days

 

Note: the listing period (4 days in above example) can be maximum 30 days depending on the auction start date selected by the seller

 

§  Users are allowed to submit their participation requests during the listing period (whether before or after auction start date). 

1.2.9.2.    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. eAuction:

§  Seller has the right to delist a property from eAuction unless the first participation request is received for the listed property

1.2.10.2. Direct Sale:

§  Seller has the right to delist a property from Direct Sale unless the seller accepted an offer or a buyer placed a Book Now request (Book Now requests do not require seller approval).

1.2.11.   Delisting:

1.2.11.1.         eAuction:

§  Property will be delisted from eMart upon auction awarding or in case listing period expired without receiving any auction participation request

1.2.11.2.         Direct Sale:

§  Property will be delisted from eMart 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 eMart

1.3.1.Bidding

1.3.1.1.  Bidding Duration: Participants will able to bid on a property for 5 working days from the start date of an auction. . If a bid is submitted during the last 10 minutes, auction will be extended for an additional 10 minutes. The auction will continue to be extended in 10 minutes increments until no further bids are received.  

1.3.1.2.  Winning an Auction: Awarded Winner and all other participants will be notified with the outcome of the auction and the final winning price 

1.3.1.3.  Complete Payment: Awarded winner should pay the balance amount (remaining from property price after deducting the participation security amount + sale registration fees) within 20 working days from awarding 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 + AED 10,000 as auction fees (all paid for DLD). These amounts will be deducted from the final amount paid to the seller.  

1.3.2.Booking

1.3.2.1.  Negotiable Price: Interested buyers 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 buyer will be notified accordingly.

1.3.2.2.  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.

1.3.2.3.  Complete Payment: Buyer 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.

1.3.2.4.  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-   Buyer Terms and Conditions:

2.    

2.1.   Registration

2.1.1.      Registration in eMart is free of charge for all users

2.1.2.      Bidder/buyer agrees to hold sole responsibility for all information he/she submits through eMart, including but not limited to: personal information, image files, video files and any other uploaded documents. Furthermore, Bidder/buyer hereby indemnifies operators of eMart from any and all liability arising directly or indirectly from any incorrect information submitted to eMart

2.2.   Buying a Property on eMart

2.2.1.       eAuction:

2.2.1.1.            Viewing: Buyers bears the responsibility to view the property and confirm its specifications mentioned in the listing before participating in any auction

2.2.1.2.            Participation in Auction: Online payment of 10% of property asking price must be paid by the bidders at the time of bidding participation request submission 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

2.2.1.3.            Bidding on a Property: Participants will able to bid on a property for 5 working days from the start date of an auction. The minimum increment on the previous bid is 10.000 AED. If a bid is submitted during the last 10 minutes, auction will be extended for an additional 10 minutes. The auction will continue to be extended in 10 minutes increments until no further bids are received.  

2.2.1.4.            Awarding:

§  Payment Refund: Non-winning bidders will have their security payment refunded within 5 working days from auction closing date

§  Title Deed Information: Buyer information on property title deed will exactly match the information entered for registration unless requested by the buyer at the time of payment completion or title deed issuance 

§  Ownership transfer steps:

                                                         i.          Auction winner must pay the following amounts within 20 working days from auction awarding date:

·        Balance amount = [Final selling price – 10% paid as security payment]

·        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.          Auction  winner 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

·        AED 10,000 as auction fees (paid to DLD).

                                                       iv.          A cheque will be issued in seller name within 6 working days from the date of receiving the balance amount from the buyer

2.2.2.      Direct Sale

2.2.2.1.            Viewing: Buyers bears the responsibility to view the property and confirm its specifications mentioned in the listing before submitting a booking request

2.2.2.2.            Negotiable price property:

§  Negotiation: Interested buyers 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 buyer will be notified accordingly.

2.2.2.3.            Booking security payment (submitting an offer): Online booking security payment of AED 100,000 must be paid by the interested buyers 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 buyer will be notified. All other users will be notified with the rejection of their offers.  

§  Refund booking security amount:  Non-winning buyers will have their security payment refunded within 5 working days from offer rejection date

2.2.2.4.            Non-negotiable price property

§  Booking security payment: Online booking security payment of AED 100,000 must be paid by the interested buyer 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: Buyer information on property title deed will exactly match the information entered for registration unless requested by the buyer at the time of payment completion or title deed issuance 

§  Ownership transfer steps:

                                                         i.          Buyer 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.          Buyer 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 buyer

 

 

*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