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practical real estate GIADINO ROTONDO in dubai

Discussion in 'Dubai property' started by hacsados, Dec 13, 2008.

  1. hacsados

    hacsados New Member

    dear all

    i have some problem here please help.....

    my wife and i went to dubai last April for holidays and we went to burjuman center 16/April/2008 .

    we meet one of the prooerty consultant name is sari al taqi in burjuman centre.

    we were talking about property he said there are two investment options first option is long term investment that we can buy apartment and then lent that apartmant

    but we said that we do not want to keep any property in abroad for long term ,then he said second option is buy "GIARDINO ROTONDO" he said that apartment launching day is 31/may/2008. when we pay 30%of that apartment price and then we can resell with launching price , so it is short term investment but we can earn a lot.

    he said if we want to strart to invest it would be perfect for us just fristly pay 15% of property price and then pay another 15% in two months, and then we can resell after that.

    we wondered how we can resell apartment and i need pay more then 30% of that apartmant .

    so we asked him 'are you sure we don't need to pay more?'

    he said "no you don't need pay anymore because lunching day is 31/may/2008 when you pay 30% that time apartment will be lunched already.'

    Also he said reselling is 100% guaranteed by practical real estate. just we need to pay them reselling commission.

    Finally we decided to buy that.He recommended just buy small one without parking space because we wont need that.

    we said to him we will send 30% all together so we resell early. and he promised us when he get the frist payment he will send contract and reselling agreement form.

    we asked him what we have to do when apartment is sold.he said he will send money to my bank or we can reinvest money to another property.

    so we paid deposit

    Few days later we sent 15% payment . we couldnt sent another 15% that time because there is limit transport money in my country.

    after back to ireland(i'm living in ireland) there was no contrat we received.we send email to him he said we will get soon.

    and then we got a phone call from dubai about we have to pay another 15% I told them we havent received any document. they keep saying they wll send.

    we paid 15% 22/april and we've got contract middle of june
    anyway we sent another 15% and after sent all 30% we email to sari al taqi to send us resalling form, from that time he disappear untill now .

    and the company didn't sand us any information how come they call me 2 weeks ago and say i missed payment and if i don't send another 10% +1%(for 1m missing payment ) they going to terminate my contract and i wont get my money back ...
    i don't know what can i do now.....
    and i can't find solicitor .....
    please help .....

    Best Regards
     
  2. Ajmanprop

    Ajmanprop New Member

    I live outside Dubai myself - so just suggestions.

    1) I can give you the name of a Dubai solicitor, but the only thing they can help you with would be to get back some money, after the cancellation charges and that too if and as it is stated in your contract. There are very limited protections outside what is in your contract. Unfortunately, stories like yours seem too common in the UAE. In addition, the legal route will mean spending more money.

    2) Assuming the project exists - you can see how best to cancel and get some of the money back. At least it seems like the real estate company has been receiving your payments - rather than some person who ran away with it. Do you have receipts for the 30% you already paid? You need to make sure that all payments are going into an escrow account.

    3) I don't know much about the construction status etc - but if the project is saleable, you may be able to sell....and so instead of loosing 30%, maybe loose 10% and so on. Try skyscrapercity and see if there is a discussion about your project... etc. Maybe others there have some ideas.

    Not much help, but maybe others can comment, and let me know if you have specific questions.
     
  3. memo123

    memo123 Member

    Join the club

    These sales men are artists at lying
    we were all conned but in different ways
    it looks like what you did is A one time payment of 30% and they will buy it from you after you have reached 30% payment , where they will go and sell it at a much higher price and give you a piece of the profit , and when they couldn't sell now they are forcing you to continue payment , installments until you own the property . if you stop paying he will take all that you paid . 30% according to the new law
    non of us have contracts even after 8 months of payments and reaching 50% of the payments , now they came with the most complicated contract where they get not only to keep your 30 % but you have to pay all legal fees , and furnacing cost if they have to finance themselves to complete the apartment .
    all the developers come into the project with zero cash and we finance them for the land and every inch they build .
    and they are protected in every way with no loop hole , sealed.
    you can but hire a lawyer , but if you do you might end up even loosing more than your 30%
    read your reservation form , find any clause that can get you out of this deal .
    I know exactly how you feel and all investors are feeling the same way . So you are not alone , and it is a big market these days for lawyers
     
  4. TommyC

    TommyC New Member

    Since we have a couple of those infamous sales persons here on the forum, maybe they can give you a few pointers. Unfortunately, this is the way they have been able to act for ages, don't expect anyone to take any responsibility for what they said/promised, it was just sales talk to secure their commission. :cool:
     
  5. hacsados

    hacsados New Member

    Thanks for all coments and advices it's hard time for us .....
     
  6. owner_palm

    owner_palm New Member

    i donno what to say

    well mr.hacsados ...
    actually i donno where to start , let me say something ... get me a sales man who can say about his product is not good ... there would always be a sales point if u where buying a socks or a property ... me my self i bought alot of properties in dubai and thank god i did alot of money out of it thank god ..ofcourse the sales man would promise u a resell garuntee cause at the time u bought the the real state agents would be selling at that time not less than 20 apartment permonth ... where selling ur property would be easy ... but u didnt ask ur self that if it is garunted to sell and after putting 30% it wouldnt be an buy agreement where it would be a investment agreement where u would get ur money back plus profite with in a period of time ... and actually what made the market like that is people who thinks like u just looking after easy money .. i put them now and later the agent who sold me will sell it for me and call me and tell me mr X come take ur profit... this would never happen even in heaven ... i know people have the ability to buy 1 apartment with this useless idea they bought 10 with downpayments only and they are looking after selling after the first payment which is something unlogic ...remeber that u bought an apartment .. let me ask u can u do that at ur place ... ok buy an apartment is investment but remember that it is buying that means u own ... where the thing u bought either price go up or go down , if up you are lucky ,down bad luck ... this is the rule in every thing ... you bought it then u have to complete the whole amount if u sold it before then u are extraordenary lucky ... people in dubai where seeking the extraordinary they where greedy and selfish.

    now your problem is one off many ... it is actualy a problem in promise nothing more than that .. there is people who put money in stuff not even an property it is just a contract which is worhtless and after that they got skamed by the company they invested with .. and the contract can get them nothing ,,,,

    now you seeked an adivse .. my advice is if u transfered the money to the company account and they gave you a reciept with it then u may got your money but at the same time u will loose it in courts while you are collecting them ... and if you transfered the money to an escrow account then your rights is secured and you have to complete the payments up till you get the apartment handovered to you ... cause escrow account is an secured account where no one can touch the money not even you ... and u either give up with wat u paid and forget about the apartment or u have to complete untill it is finished'

    wish you luck with your case
     
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