Quote:
Originally Posted by AbbyDXB
Can anybody advise me on my current situation. I bought a unit Badrah phase 2 second sale and was due to sign the contract after 40 days. After contacting Nakheel I was told the contract was not yet ready and that they'd contact me.
it's now 2 weeks past the 40 days - no news from Nakheel.
Has anyone experienced similar things? I'm concerned as to why they're delaying the sign - over.
Thanks in advance for your comments
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Hi AbbyDXB,
What agreement / MOU / POA did you set up with the seller? If phase 2 requires 30% to be paid before any subsequent sale, it would seem that you have paid 10% plus the premium to the seller on the understanding that you would make the next installments on his / her behalf (because the agreement is still in his / her name) and then he / she would transfer as soon as the 30% is paid. At that point no further monies would be paid to the seller.
The transfer takes place at Nakheel so I'm not sure why you have been led to believe that the transfer to you would take place in 40 days - I can imagine Nakheel will supply a sale and purchase contract in the sellers name within the 40 days but certainly not in yours.
The 2nd installment (10%) on phase 2 badrah is due in December and then 20% sometime around April (I think) so if the 30% rule is correct, the seller will not be able to transfer until April 09, thus you will not get the sale & purchase contract in your name until that point ie April 09.
Please let us know what agreement you have with the seller.
Cheers