O
onglide777
New Member
I'm planning to buy a mortgaged finished property in Dubai.
The agent told me that after I get my mortgage approved (buyer),my bank will send the agreed price to the seller's bank in order to get the title deed.
At that point I've paid my part and the mortgage has been issued.
After that it takes 4-5 working days for my bank to get the title, then another 5-6 working days to get the NOC (no objection certificate from the developer) before going to the Land department to do the actual transfer.
What happens if in this time frame ("touch wood") something happens to the seller (disappears, dies or else) and he doesn't present himself at the Land department?
How can I protect myself for this scenario?
(my bank, buyer, will have the title but under the seller's name ...)
Thanks and regards
onglide:wink:
The agent told me that after I get my mortgage approved (buyer),my bank will send the agreed price to the seller's bank in order to get the title deed.
At that point I've paid my part and the mortgage has been issued.
After that it takes 4-5 working days for my bank to get the title, then another 5-6 working days to get the NOC (no objection certificate from the developer) before going to the Land department to do the actual transfer.
What happens if in this time frame ("touch wood") something happens to the seller (disappears, dies or else) and he doesn't present himself at the Land department?
How can I protect myself for this scenario?
(my bank, buyer, will have the title but under the seller's name ...)
Thanks and regards
onglide:wink:
