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No sale contract???

Discussion in 'Dubai property' started by infoseek, Mar 10, 2007.

  1. infoseek

    infoseek New Member

    Hi there,
    I wish to buy an apartment in Dubai. It's construction is yet to start. The builder has requested for payment in phases, but at the moment the sale contract does not exist, the builder says it will be ready in 4 months. Should I go ahead and pay the 1st instalment?
     
  2. eyeC

    eyeC Senior Member

    fish tank

    how will you know what you buying
    without a contract you could be paying first instalment for a fish tank
     
  3. infoseek

    infoseek New Member

    Off plan property

    Thanks eyeC. It is an off plan property (Lakeside from Damac) and they tell me that any off plan property would not have a sale contract immediately and it should be available after 3-4 months.

    Can anyone clarify if this is the case in buying off plan property in Dubai please?
     
  4. Fizzypopp

    Fizzypopp New Member

    Is this directly from Damac or through a third party?
     
  5. Ethical Mortgages

    Ethical Mortgages New Member

    reply.

    Please Note. I would not proceed with a first installment not until I have a sales/purchase agreement in place, please seek legal assistant or tell the developer/builder for contract with term and conditions.
    Regards

    Umar Ethical Mortgages
    p.s. let me know if you need any funding.
     
  6. yousuf

    yousuf New Member

    hi
    if you are buying directly from damac i can talk to them directly and you can talk to the director of sales it self and don't worry damac is one of the biggest private developer as well, if you deal directly with damac sure they r going to issue official receipt as well so no worry
     
  7. reddevil82

    reddevil82 New Member

    my 2 cents are that they cannot issue a contract till after 2nd installment or 20% paid so that you cannot resell the property before that. Damac is well known and if you are going direct then I think there's little risk.

    Its common to issue contracts after 2 payments or 20% in Dubai but be sure to get booking form, payment plan and official receipts issued by them.

    In my opinion they do this to keep away too many transactions taking place and the market being investor driven. Once the contract is in place a transfer fee of 2% on original price will apply and discourage too much buying and selling and hopefully the apartments will go to actual buyers who want to live there or let it out.

    Farrukh
     
  8. gillianpalao

    gillianpalao New Member

    Do you give mortgages for Lakeside Damac?
     
  9. gillianpalao

    gillianpalao New Member

    Hi, i need funding for Lakeside, do you still give mortgages for non-ae residents?


     
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