Resale Procedure

[mpat]

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.

Isab
Really u r making good efforts on this,but I personally believe that one can sell it without a lawyer also,I m not sure how,but just try to talk to the developer directly and may be they have a set procedure we need to follow , ultimately they r still charging a fee of 2% for transferring. I sold one of my property to a friend ( whom I trust and he did trust on me ) and it was very smooth like a piece of cake.
Best Regards

 

[Lsab]

Thanks mpat,

I'm with you 100% but my husband is adamant that we do it through a lawyer. In fact on a recommendation we're going to see Anthony Floyd Welcome on saturday. I spoke to him on the phone this morning and found him extremely honest about our situation and about the buying/selling process in IC. He's only charging us 7000aed, so it's worth it for my husbands peace of mind!

The buyer that our agent found is taking care of all expenses so we don't need to worry about the transfer fee.

Hopefully this will be all over and done with very soon and when it is, I'll be recommending my agent too. He's been fantastic.

thanks again mpat

 

[usmandodhy]

Rera

Hi,

As per the RERA policy the money from the seller would be safe with the dealer and will be transfered to buyer once the ownership would be completely transfered.

Reason: This is because, in some cases it happens that the buyer get the initial payment at the time of booking (10% in most of the cases) and then if the buyer had to go to his country and somehow wont be able to come back early so in that case the deal doesnt work out well.

In order to make deals in the better way RERA has identified this policy.

So, if the your dealer is the RERA certified dealers, you can definitely trust him.

Regards,

Usman

 

[G.invester]

Thanks mpat,

I'm with you 100% but my husband is adamant that we do it through a lawyer. In fact on a recommendation we're going to see Anthony Floyd Welcome on saturday. I spoke to him on the phone this morning and found him extremely honest about our situation and about the buying/selling process in IC. He's only charging us 7000aed, so it's worth it for my husbands peace of mind!

The buyer that our agent found is taking care of all expenses so we don't need to worry about the transfer fee.

Hopefully this will be all over and done with very soon and when it is, I'll be recommending my agent too. He's been fantastic.

thanks again mpat

wish you best of luck. Can you email me the your agent's name. I have property i want to sell. faro7h @ netscape dot com

 

[mpat]

Hi,

As per the RERA policy the money from the seller would be safe with the dealer and will be transfered to buyer once the ownership would be completely transfered.

Reason: This is because, in some cases it happens that the buyer get the initial payment at the time of booking (10% in most of the cases) and then if the buyer had to go to his country and somehow wont be able to come back early so in that case the deal doesnt work out well.

In order to make deals in the better way RERA has identified this policy.

So, if the your dealer is the RERA certified dealers, you can definitely trust him.

Regards,

Usman

Actually u r right Usman, but I think even registered dealer or agents are unable to ensure that seller will stick to his initial commitment,prices keep changing and speculators make them feel that the property is worth more than what he s selling for, I m quoting this becos lastly we came across some cases where buyer changed his mind at the last moment.this is what makes it difficult for real estate agents in dealing for secondary market.

 

[Stripe99]

I used James Berry & Associates to sell my property in Dubai, however my villa was completed, i.e. not off plan. I live in the UK and corresponded with them by email throughout the selling process.
The agent I used was Betterhomes as I had already been using them to rent my villa out.

 

[Roshan]

Isab
Really u r making good efforts on this,but I personally believe that one can sell it without a lawyer also,I m not sure how,but just try to talk to the developer directly and may be they have a set procedure we need to follow , ultimately they r still charging a fee of 2% for transferring. I sold one of my property to a friend ( whom I trust and he did trust on me ) and it was very smooth like a piece of cake.
Best Regards

Sale in secondary market is based on trust. There are a few stray cases but otherwise most of the deals sail through without any problems.

You could be cautious and not pay an advance, take out bank certified cheques ( some call it managers cheques )and pay them at the developers office before signing of papers. You can give a photocopy to the seller so that he can verify with the bank.

REgards

Roshan

 

[mpat]

Sale in secondary market is based on trust. There are a few stray cases but otherwise most of the deals sail through without any problems.

You could be cautious and not pay an advance, take out bank certified cheques ( some call it managers cheques )and pay them at the developers office before signing of papers. You can give a photocopy to the seller so that he can verify with the bank.

REgards

Roshan

Yes Good Idea Roshan,

I m in a re sale deal at present.Let s hope that I can do it. Actually I suggested to my agent to get a similar amounts' cheque from the seller also so that he can turn hostile.or else he will lose tht amount of 10%.Agent said he will try.
Let s see if this one sails thru or not.I m in doubt since the price is very very competitive , reminding of a distress sale.
Bye

 

[Lsab]

Its all so much worse when you don't live in Dubai too. I have to go through an agent really as I've got to leave the keys with someone in order for prospective buyers to see the place. This is why my husband wants a solicitor. Every agent tells me a different story so I'm confused about the whole thing. They price the property totally differently (how hard can it be to price a studio in IC) - one agent says that I don't need to be in Dubai at all for the whole process, that it can all be done by POA and they'll deposit my final cheque in my UK bank. The next tells me that I must be there for handover.

 

[Roshan]

I used James Berry & Associates to sell my property in Dubai, however my villa was completed, i.e. not off plan. I live in the UK and corresponded with them by email throughout the selling process.
The agent I used was Betterhomes as I had already been using them to rent my villa out.

Can we know how was the service of James Berry & Asscociates. Was the service good, prompt and how much did they charge for the transcation.

Thanks

Roshan

 

[Lsab]

Hi Roshan,

Spent the day in Dubai yesterday and met with Anthony Floyd http://www.floydconsultants.com/about.html. If you're interested in finding a lawyer still, I would definately recommend this man. He's lived in Dubai for 20 years and really knows his stuff. He met with us on his day off and was extremely helpful My very cautious husband who never trusts anyone at first sight, thought him excellent.

Regards
Linda

 

[memo123]

Daer all
I was told by the my developer that we the buyer and seller dont have to be present in dubai
he will send us bot MOU that we should sign and fax back to him , and we ( buyer and seller ) telex transfer 50,000 dirham to developer just in case either party changes thier mind. the seller can keep the money and the purchaser looses it to the developer .
the second buyer will have to issue a manager check in the owners name with all what he paid plus the premium and not the develper name . this ccheck goes to the developer who will make sure it is genuin then he returns the 50, 000 to both parties , after that the developer charges a fee of 3000 dirhams to the purchaser , for paper work to change ownership , the purcahser then contiunes with the instalments , the manager check is sent to the first buyer , and case is closed
the question here
if i am doing the sale direct and doing all the advertisment for my property , why is the developer telling me to put 2% agency fee, who is the agent here ?
appreciate your responses
regards

 

[Lsab]

I've had so many conflicting stories that I'm confused by the whole thing so we've found an agent who's going to handle it all. We've told him the price we want, net to us, and he'll put all the charges on top to the buyer.
We've got a solicitor who, for a small fee, will make sure that we get the money from the buyer. We now know the process required for the POA and that's it. I know the developer comes into it somewhere but the MOU or POA will shift that on to the buyer.
My brain can't take any more

 

[memo123]

IF you get names of good agents , please let me know

What a great thread

I`m looking to sell my apartment in the Kensington Royale in sports city but am unsure where is the best place to advertise it. Can anyone give advice ?
The properties for sale on this forum looks like its only for developers and agents.

I am looking to sell properties in sports city that are mine and dont know who to give it to either , can i give it to so many agents ? and who ever sells it will get the comission ? i get so many offers from so many sites should I just send them what i have and ask them to sell it for me ?
the other day I got a call from london and a gentelman asked me to sell his property , I wonder where he got the idea from? and where he got my number from , i told him i was on the same side like him and we laughed.
if we can post it here pls let us know . and if one of the agents on this blog is welling to sell it , just give us your name and contact
I saw two names that were recomended on this blog cant remember which thread , and i looked into thier sites , nothing spectacular .
regards

 

[Lsab]

Hi memo,

I'm loathe to recommend anyone til we've been through it totally. Having done this somewhere else and then been let down, I felt guilty that I'd made the recommendation.
I'll PM you with the agent that we're using though.

 

[Roshan]

What a great thread

I`m looking to sell my apartment in the Kensington Royale in sports city but am unsure where is the best place to advertise it. Can anyone give advice ?
The properties for sale on this forum looks like its only for developers and agents.

Simple, start a new thread.

Roshan

 

[Roshan]

Hi Roshan,

Spent the day in Dubai yesterday and met with Anthony Floyd About Us. If you're interested in finding a lawyer still, I would definately recommend this man. He's lived in Dubai for 20 years and really knows his stuff. He met with us on his day off and was extremely helpful My very cautious husband who never trusts anyone at first sight, thought him excellent.

Regards
Linda

Gee, thanks for the lead, will certainly check him out one of these days. Is he expensive like most of the other liars sorry lawyers

Regards

Roshan

 

[Lsab]

After a quote of 25k from Caroline (can't remember last name) the 7k that Anthony charges was a nice suprise. (I can see that you're a big fan of the legal profession )

 

[Roshan]

After a quote of 25k from Caroline (can't remember last name) the 7k that Anthony charges was a nice suprise. (I can see that you're a big fan of the legal profession )

7K for preparing the transfer documents. That's a good price.

Regards

Roshan

 

[mpat]

After a quote of 25k from Caroline (can't remember last name) the 7k that Anthony charges was a nice suprise. (I can see that you're a big fan of the legal profession )

Hi Linda

Please correct me if i m wrong in my understanding below:
The quote from caroline alderson which is for 25k is for everything that needs to be done in order to safeguard you in buying / selling prop in dubai. ie it includes doing research on property , meeting to the developer , studying contracts on your behalf and ask for necessary ammendments in it in your favour , take care of your payments to them (if u r out of country and willing to do so ) remind you about the payment plan and all legal requirements including POA and MOU and necessities for re sale and if there is any wrong from the other parties they will represent your case in dubai courts within that much money , i think so... I am assuming it to be like this since I got a quote of 16k last year in august which was mentioneing everything, and I spoke to caroline twice on that.
Bye