Hi there, there seems to be a problem between Nakheel & the Land Dept. I spoke to one of the agents yesterday, I am in the market for a studio, he mentioned that Nakheel is not entertaining resale transfers at all. Therefore any sale or purchase of property in the Clusters other than CBD have to be based on a Power of Attorney attested by the courts, but not really complete & difficult to enforce as & when Nakheel reopens resale transfers.
Does anyone know anything else to/contrary??
Would love to know.
Thanks
Buildings and units have always been supposed to be registered with the Land Registeration department. When Nakheel sold the buildings to other developers, agents, owners etc, they should have gone and got the buildings and the units registered with the land registeration by paying 1.5% of the OP. Which they did not do. Now when they have to do it, they have to pay a lum sum amount to the Land registeration. Imagine ARY have, lets say 40 buildnings, each worth 35 million. 1.5% of 35 million is 525,000, multiply that with 40 is AED 21 MILLION. This is what they have to pay to get the buildings registered along with the documents.
Now take for example a building owned by Tamweel, Morocco I7, when they sold the units they collected an undated check of 1.5% value from each owner and have given to the land registeration department. So for their buildings there are no issues.
At present when one wants to sell or purchase it is done on an MOU, with an added asssurance of POA.
We have been able to sell a number of units but a great level of trust is required in this kind of a deal.
So, if you can trust your agent, then you should be able to sell your units within a couple of weeks.
Imtiaz
