Resale of "Off-Plan Property" Rules Information Needed

[schumi_sk]

Hi All,
I needed some assistance to understand the rules/terms and conditions regarding selling a "off-plan" property.
Say I invested in a property of $100,000 directly from developer. I have paid 3 installments a total $30,000 and still owe the developer $70,000 (to be paid as per the installment plan). The property is now worth $150,000.
Questions:
1. Do I need any permission from the developer to sell the property to any other buyer?
2. What is my profit if I sell the property today for $150,000 (property is not complete, i still owe $70,000)
- does the new buyer give me $80,000 and pays the developer $70,000 (as per remaining installments)
OR
- does the new buyer give me $45,000 (appreciation on my capital invested of $ 30,000) and have a new installment payment for $105,000 payable to the developer?

I am little unsure about the rules as I have never invested in a off-plan proerty before. Appreciate your advice.

Thanks.

 

[uaerealdeal]

Hi All,
I needed some assistance to understand the rules/terms and conditions regarding selling a "off-plan" property.
Say I invested in a property of $100,000 directly from developer. I have paid 3 installments a total $30,000 and still owe the developer $70,000 (to be paid as per the installment plan). The property is now worth $150,000.
Questions:
1. Do I need any permission from the developer to sell the property to any other buyer?
2. What is my profit if I sell the property today for $150,000 (property is not complete, i still owe $70,000)
- does the new buyer give me $80,000 and pays the developer $70,000 (as per remaining installments)
OR
- does the new buyer give me $45,000 (appreciation on my capital invested of $ 30,000) and have a new installment payment for $105,000 payable to the developer?

I am little unsure about the rules as I have never invested in a off-plan proerty before. Appreciate your advice.

Thanks.

Hi Schumi,

The answer to you question is, that when you resale your property, then you get back what you have already paid to the developer i.e. $30000, plus the premium i.e Difference between Original Price $100000 and Selling Price $150000 = $50000, so totally $80000.

Please feel free for any other questions regarding resale infact I have tried and posted the steps for resale in the thread link is below

http://www.totallyproperty.com/dubai-property/7546-resale-procedure-2.html

Have you started investing till date?

Anyway take care.

Regards,

UAEREALDEAL