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IMPORTANT QUESTION ON BUYING A APARTMENT(Please Advise)

Discussion in 'Dubai property' started by Markus, Oct 5, 2008.

  1. Markus

    Markus New Member

    I have found a 1 Bed apartment in I.C to buy for 760k all in, but have a major concern with depositing this amount of money into a Agent/Real Estate Brokers Bank Account while the deal is being done incase they go out of business from the time the money is deposited into there bank account until I receive the title deeds which is quite possible in today global credit crunch. What is the safest way to do the deal,is it possible for me to deposit the money straight into the sellers bank account and then pay the Agent/Real Estate Broker his commission directly.
    Any information greatly appreciated.
     
  2. cansaw

    cansaw New Member

    Ask the broker if he is registered with RERA (See their website) and ask for the RERA nr. Request the RERA number of the Agency you are dealing with. Also check if the development is registered there. The Government is implimenting a system to control who is selling in Dubai, and prevent "freelancers" from selling - and to give you the assurance that your monies are safe. This compulsory as from November 1. All the info is available on the RERA site. (The Real Estate Regulatory Agency - Lands Dept, Government of Dubai.)
     
  3. Roshan

    Roshan New Member

    The price is good. Can anyone tell if the price has decreased ??. Never play into any agents hands..RERA or no RERA certified. RERA will not be able to do a damn thing if the agent runs away with your money.

    If it's a cash deal, get a bank certified cheque for the amount and hand it over when the deal is to be done. Never play into anybodys hands.

    Good luck.

    Roshan
     
  4. maria_ad

    maria_ad New Member


    Hi Markus,

    Its better to deal/deposit with the real estate company provided that you should sit in that agents office and ask for a copy of their company/ land dept. license and a receipt should be given to you THAN giving your money directly to the owner because if the owner will run away then, at least you can easily find and sue the company if in case they will do hunky-punky.

    Think about it

    Regards
     
  5. Mahawish

    Mahawish New Member

    Great Prices!

    Roshan,

    THe price has definitely decreased, I have cost price appartments in
    IC - AED 560,000 only....

    Definitely a bargain for any investor...

    Its amazing the buys that you are getting now...

    Regards,

    Mahawish
    mahawish@hotmail.co.uk
     
  6. mpat

    mpat New Member


    Pls send more details about your cost price appt via PM if you are interested to sell.

    Thanks
     
  7. GDS

    GDS New Member

    Hello Mahawish,

    If you have something to sell in IC, do let me know.

    Rgds,
    GDS
     
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