No sale contract???

[infoseek]

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?

 

[eyeC]

fish tank

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

 

[infoseek]

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?

 

[Fizzypopp]

Is this directly from Damac or through a third party?

 

[Ethical Mortgages]

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.

 

[yousuf]

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?

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

 

[reddevil82]

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

 

[gillianpalao]

Do you give mortgages for Lakeside Damac?

 

[gillianpalao]

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

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.