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Question..

Discussion in 'Dubai property' started by renter1, Dec 18, 2008.

  1. renter1

    renter1 New Member

    If an MOU has been signed, and the buyer's bank has paid off the seller's mortgage, what happens if the buyer pulls out?

    Would this count as a default by the buyer, and his bank would be stuck with the property?
     
  2. Sportsman

    Sportsman New Member

    Yes, the buyer would be liable to the bank for the mortgage amount. Pulling out is not an option.
     
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