Quote:
Originally Posted by fbx258
also if someone pls advise the prodecure of a purchase off the plan?
i buy the property, pay as per payment plan into a escrow account.
Do they obviously send me a contract ? do i have to register the property with anyone in rak
also when i sell does the buyer just pay me everything i have paid over the course of time ?
and then he will continue the payments ???
and one last question, do i need a bank account in the uae ? i am from australia i presume i can use my account here ?
many many thanks
willams
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payment plans are over 15 years with developer interest of a couple of % a year - on my 780,000 it comes to 1.1m (maths isnt my strong point). the buyer will take over remaining payments and give you everything not outstanding, it just requires a signature on the contract. you dont need a UAE account and you dont need a visa. yes, you get contracts. you dont have to register anything as yet as the appt isnt built - dubai has changed that law and RAK may follow suit.
you pay 30% in the first 6 months with two payments and the balance every quarter.
dubai has an institution called RERA that regulates everything and they are talking to other emirates at the moment to help them with regulation. fortunately RAK isnt a gorilla market in the same way ajman or abu dhabi are but expect more changes soon.
happy to sell you my one bed right now for a very modest premium
(sorry board staff but i really do need to shift it, i've been screwed by some medical bills - in fact, if any of you want it let me know
mate, whether you buy mine or not - if you are serious about doubling your money i'd buy pacific (i DID buy Pacific)