Resale Procedure

[Lsab]

I find this is best achieved by using a reputable agent who has 'brand equity' at stake
.

How do you find such an agent? I thought I had a good one but they never return my emails. We live in Bahrain and would now like to sell our studio in IC and though I'm told that it shouldn't be difficult to find a buyer - it is if no-one ever gets back to me!!!!! I'm in the process of finding a good solicitor and then to find a buyer privately. If I could find an agent who would take over the process without charging a vast amount, I'd be more than happy to do that.

 

[Doobedoo]

How do you find such an agent? I thought I had a good one but they never return my emails. We live in Bahrain and would now like to sell our studio in IC and though I'm told that it shouldn't be difficult to find a buyer - it is if no-one ever gets back to me!!!!! I'm in the process of finding a good solicitor and then to find a buyer privately. If I could find an agent who would take over the process without charging a vast amount, I'd be more than happy to do that.

I agree with your points - it's equally difficult to get the sales people from the big developers to return emails and calls which is a function of them having so much 'business' on their plate that, I believe, they tend to deal with whatever is in front of them at that given point,

However, my point was more around doing a deal on MOU - for e.g. you are agreeing to buy and need to sign a MOU - I would be most comfortable if I was signing such a document / terms of sale / sale agreement with an agent that has a solid reputation - presumably built out of adopting a professional and trustworthy (within reasons, agreed) approach.

Good luck with the IC sale.

 

[Lsab]

Thank you

 

[mpat]

Memorandum of Understanding

It's a written agreement between two or more parties that, in this case, precedes the actual Sales & Purchase contract or contract proper. In essence, it's the glue that gets buyer and seller to a pont of agreement before the process of transferring the property at the developer. It is required because if I agree to buy a property from you and we are able to secure a meeting 6 weeks from now at the developer, what's to stop you taking a higher offer or me just walking away before that meeting.

On the signing of the MOU, monies often change hands to 'secure' the deal and if there is default on either side penalties are normally due, for e.g. if the buyer who may have paid a 10% deposit defaults, the seller may the 10% and walk away. Typically it is more risky for the buyer - which is why one needs to have as much security as possible - I find this is best achieved by using a reputable agent who has 'brand equity' at stake if they do not consistently broker good deals - it's also a point of recourse, although certainly with no guarantees.

There is risk in this approach - that's why property can be bought, sold and bought again in a week. Trying to do something similar in the UK, US, Europe or most other more mature property markets would take many weeks due to highly developed conveyancing processes, typically with resultant greater costs. In other words there is a risk reward continuum which you need to bear in mind.

That means MOU is the basic key for the re sale,

There should be a reliable agent in the middle who can ensure that both parties will abide.

Does RERA come in the picture in all this or not? How about Dubai courts ? Do they entertain any such cases or not ?

Bye

 

[Lsab]

My advise if you are involved in a re-sale is to conduct the transaction at the developers office in the presence of a lawyer. I did it this way and the transaction went smoothly.

Hi Stephen,

Does your lawyer get your recommendation and if so would you mind giving his/her name.
(PM me if you don't want to give details here)

Thanks

 

[Roshan]

That means MOU is the basic key for the re sale,

There should be a reliable agent in the middle who can ensure that both parties will abide.

Does RERA come in the picture in all this or not? How about Dubai courts ? Do they entertain any such cases or not ?

Bye

mpat,

I found out from my friends about the resale procedure which they went through.

Now a slightly different scenario since the last post I posted. The cheque is given only by the buyer and not the seller ( earlier I said both the buyer and seller give which is not the case ). A dangerous proposition.

In the past week, I came across three cases where the buyer is stuck in the secondary market, while the seller has got the deposit of the buyer and has casually decided not to sell. So the only way out is he serves a legal notice to harrass the buyer to the point of succumbing and force him to take the deposit back so that he can sell it for a higher price.

A lady has been visiting the courts, RERA for 1 year under similar circumstances.

Heard another horror story in the secondary market. The buyer paid Dhs 500,000 for a commercial in the secondary market, The seller changed his mind. Now the seller has served a legal notice and the case has gone to court...and yes, he has encashed the cheque of Dhs 500,000.

The Buyers contract has some clauses which favor the seller. What they didn't do was to approach an attorney and ensure to cross the T's and dot the I's

The seller has approached RERA and...the battle goes on. I don't RERA can do much after what I have seen and heard from these sources.

What everyone needs to do is to take the contract to an attorney and ask him to carry out the transcation in your favor. It costs money, but your investment is secured.

Never, never give a cheque as an advance. The seller is equally desperate to sell as much as the buyer needs to buy. Insist that the payments will be done through a bank certified cheque payable only at the time of the transfer at the developers office. Do not play into the sellers hands.

If anybody could post attorney details which could benifit fellow members, it would be helpful.

So then...take care before you buy. Seek an attorneys advice ( a competent one and not the rif rafs which are in the market ).

Regards

Roshan

 

[uaerealdeal]

Attorney Fees Range

Hi Roshan and other Board Members,

Just needed an Idea as to what could possibly be the fees range for a competant Attorney to carry us through a secondary market deal like this safely and in case of a problem (which infact should not arise if we are taking guidance from the attorney from the beginning itself)...

Any feedback would be appreciated...

Regards,

UAEREALDEAL

 

[Mahawish]

Would be happy to assist.

How do you find such an agent? I thought I had a good one but they never return my emails. We live in Bahrain and would now like to sell our studio in IC and though I'm told that it shouldn't be difficult to find a buyer - it is if no-one ever gets back to me!!!!! I'm in the process of finding a good solicitor and then to find a buyer privately. If I could find an agent who would take over the process without charging a vast amount, I'd be more than happy to do that.

I personally work as an agent, and would be happy to help you sell your property.

You can contact me on mahawish 'AT' mmreale 'DOT' com

 

[Lsab]

I personally work as an agent, and would be happy to help you sell your property.

You can contact me on mahawish 'AT' mmreale 'DOT' com

I need a recommendation from a member rather than an agent himself. Thanks anyway

 

[Roshan]

Hi Roshan and other Board Members,

Just needed an Idea as to what could possibly be the fees range for a competant Attorney to carry us through a secondary market deal like this safely and in case of a problem (which infact should not arise if we are taking guidance from the attorney from the beginning itself)...

Any feedback would be appreciated...

Regards,

UAEREALDEAL

I am actually searching for one. If I find, I will let the forum know. If any body has any info, pls post.

Roshan

 

[mpat]

I am actually searching for one. If I find, I will let the forum know. If any body has any info, pls post.

Roshan

Dear Roshan

I posted address and numbers for midfa associates last week in reply to your thread , was it not a good one ? Pls check if you could not see it.
I will try to post address for anotehr lawyer also.
Bye

 

[Mahawish]

- jst a msg.

I need a recommendation from a member rather than an agent himself. Thanks anyway

U're welcome. I understand your concern, I wasn't offering a recommendation, only assistance with your sale.

You actually have nothing to lose, and I wud actually ans ur calls even if it was to tell u that I don't have any buyers and am ignoring you for the time being ). Anyways, shud you need ny info and I can help I'd be happy to.

Gudluck....

 

[Lsab]

Thank you for your offer Mahawish.

I contacted the solicitor you recommended, mpat. They quoted 25000 to act for me in selling my studio in IC. I don't know if this price is reasonable but it seems on the high side.

 

[Roshan]

Dear Roshan

I posted address and numbers for midfa associates last week in reply to your thread , was it not a good one ? Pls check if you could not see it.
I will try to post address for anotehr lawyer also.
Bye

mpat,

I do not know where you posted it. Could you do it again.

Thanks

Roshan

 

[Doobedoo]

Thank you for your offer Mahawish.

I contacted the solicitor you recommended, mpat. They quoted 25000 to act for me in selling my studio in IC. I don't know if this price is reasonable but it seems on the high side.

Hi,

I think that's a shocking quote. In the UK, for the entire conveyancing process which could take many weeks, you would expect to pay no more than 7000 dhs. I don't know what work they anticipate undertaking for this price but it seems excessive.

Rgds

 

[Lsab]

I agree that it's a shocking amount but I can't get any other recommendation from anyone. Surely somebody has used a lawyer that was reasonably priced and did a good job for them? Anybody????

 

[Lsab]

mpat,

I do not know where you posted it. Could you do it again.

Thanks

Roshan

[email protected]

I warn you though, they're extremely expensive.

regards

Linda

 

[Roshan]

[email protected]

I warn you though, they're extremely expensive.

regards

Linda

Has anyone heard of Clyde & company

Real estate and construction, Clyde & Co international law firm

Regards

Roshan

 

[mpat]

Has anyone heard of Clyde & company

Real estate and construction, Clyde & Co international law firm

Regards

Roshan

Hi Roshan

Other than midfa, CLYDE & co is GOOD agency.But also expensive.
there is another agency, emirates advocating company,I will post details later in the evening

 

[Lsab]

Emirates Advocates : Lawyers, Attorneys, Legal Consultants in Dubai, UAE, and other GCC Countries. +971 4 330 4343 - this was the firm that was used for our escrow payments when we bought our studio in IC

James Berry & Associates-Lawyers, Dubai, United Arab Emirates, legal consultants +971 4 331 7552 - I found this one on the net but remembered that he'd been recommended to us a few years go.

I'm going to be phoning around this morning but the quotes that I get won't help you Roshan as we want someone to act for us in the sale of our studio.