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
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