Resale Procedure

[Lsab]

Originally Posted by Doobedoo

I find this is best achieved by using a reputable agent who has 'brand equity' at stake
.

How do you find such an agent? I thought I had a good one but they never return my emails. We live in Bahrain and would now like to sell our studio in IC and though I'm told that it shouldn't be difficult to find a buyer - it is if no-one ever gets back to me!!!!! I'm in the process of finding a good solicitor and then to find a buyer privately. If I could find an agent who would take over the process without charging a vast amount, I'd be more than happy to do that.

[Doobedoo]

Originally Posted by lsab

How do you find such an agent? I thought I had a good one but they never return my emails. We live in Bahrain and would now like to sell our studio in IC and though I'm told that it shouldn't be difficult to find a buyer - it is if no-one ever gets back to me!!!!! I'm in the process of finding a good solicitor and then to find a buyer privately. If I could find an agent who would take over the process without charging a vast amount, I'd be more than happy to do that.

I agree with your points - it's equally difficult to get the sales people from the big developers to return emails and calls which is a function of them having so much 'business' on their plate that, I believe, they tend to deal with whatever is in front of them at that given point,

However, my point was more around doing a deal on MOU - for e.g. you are agreeing to buy and need to sign a MOU - I would be most comfortable if I was signing such a document / terms of sale / sale agreement with an agent that has a solid reputation - presumably built out of adopting a professional and trustworthy (within reasons, agreed) approach.

Good luck with the IC sale.

[Lsab]

Thank you

[mpat]

Originally Posted by Doobedoo

Memorandum of Understanding

It's a written agreement between two or more parties that, in this case, precedes the actual Sales & Purchase contract or contract proper. In essence, it's the glue that gets buyer and seller to a pont of agreement before the process of transferring the property at the developer. It is required because if I agree to buy a property from you and we are able to secure a meeting 6 weeks from now at the developer, what's to stop you taking a higher offer or me just walking away before that meeting.

On the signing of the MOU, monies often change hands to 'secure' the deal and if there is default on either side penalties are normally due, for e.g. if the buyer who may have paid a 10% deposit defaults, the seller may the 10% and walk away. Typically it is more risky for the buyer - which is why one needs to have as much security as possible - I find this is best achieved by using a reputable agent who has 'brand equity' at stake if they do not consistently broker good deals - it's also a point of recourse, although certainly with no guarantees.

There is risk in this approach - that's why property can be bought, sold and bought again in a week. Trying to do something similar in the UK, US, Europe or most other more mature property markets would take many weeks due to highly developed conveyancing processes, typically with resultant greater costs. In other words there is a risk reward continuum which you need to bear in mind.

That means MOU is the basic key for the re sale,

There should be a reliable agent in the middle who can ensure that both parties will abide.

Does RERA come in the picture in all this or not? How about Dubai courts ? Do they entertain any such cases or not ?

Bye

[Lsab]

Originally Posted by Stephendxb

My advise if you are involved in a re-sale is to conduct the transaction at the developers office in the presence of a lawyer. I did it this way and the transaction went smoothly.

Hi Stephen,

Does your lawyer get your recommendation and if so would you mind giving his/her name.
(PM me if you don't want to give details here)

Thanks

[Roshan]

Originally Posted by mpat

That means MOU is the basic key for the re sale,

There should be a reliable agent in the middle who can ensure that both parties will abide.

Does RERA come in the picture in all this or not? How about Dubai courts ? Do they entertain any such cases or not ?

Bye

mpat,

I found out from my friends about the resale procedure which they went through.

Now a slightly different scenario since the last post I posted. The cheque is given only by the buyer and not the seller ( earlier I said both the buyer and seller give which is not the case ). A dangerous proposition.

In the past week, I came across three cases where the buyer is stuck in the secondary market, while the seller has got the deposit of the buyer and has casually decided not to sell. So the only way out is he serves a legal notice to harrass the buyer to the point of succumbing and force him to take the deposit back so that he can sell it for a higher price.

A lady has been visiting the courts, RERA for 1 year under similar circumstances.

Heard another horror story in the secondary market. The buyer paid Dhs 500,000 for a commercial in the secondary market, The seller changed his mind. Now the seller has served a legal notice and the case has gone to court...and yes, he has encashed the cheque of Dhs 500,000.

The Buyers contract has some clauses which favor the seller. What they didn't do was to approach an attorney and ensure to cross the T's and dot the I's

The seller has approached RERA and...the battle goes on. I don't RERA can do much after what I have seen and heard from these sources.

What everyone needs to do is to take the contract to an attorney and ask him to carry out the transcation in your favor. It costs money, but your investment is secured.

Never, never give a cheque as an advance. The seller is equally desperate to sell as much as the buyer needs to buy. Insist that the payments will be done through a bank certified cheque payable only at the time of the transfer at the developers office. Do not play into the sellers hands.

If anybody could post attorney details which could benifit fellow members, it would be helpful.

So then...take care before you buy. Seek an attorneys advice ( a competent one and not the rif rafs which are in the market ).

Regards

Roshan

[uaerealdeal]

Hi Roshan and other Board Members,

Just needed an Idea as to what could possibly be the fees range for a competant Attorney to carry us through a secondary market deal like this safely and in case of a problem (which infact should not arise if we are taking guidance from the attorney from the beginning itself)...

Any feedback would be appreciated...

Regards,

UAEREALDEAL

[Mahawish]

Originally Posted by lsab

How do you find such an agent? I thought I had a good one but they never return my emails. We live in Bahrain and would now like to sell our studio in IC and though I'm told that it shouldn't be difficult to find a buyer - it is if no-one ever gets back to me!!!!! I'm in the process of finding a good solicitor and then to find a buyer privately. If I could find an agent who would take over the process without charging a vast amount, I'd be more than happy to do that.

I personally work as an agent, and would be happy to help you sell your property.

You can contact me on mahawish 'AT' mmreale 'DOT' com

[Lsab]

Originally Posted by Mahawish

I personally work as an agent, and would be happy to help you sell your property.

You can contact me on mahawish 'AT' mmreale 'DOT' com

I need a recommendation from a member rather than an agent himself. Thanks anyway

[Roshan]

Originally Posted by uaerealdeal

Hi Roshan and other Board Members,

Just needed an Idea as to what could possibly be the fees range for a competant Attorney to carry us through a secondary market deal like this safely and in case of a problem (which infact should not arise if we are taking guidance from the attorney from the beginning itself)...

Any feedback would be appreciated...

Regards,

UAEREALDEAL

I am actually searching for one. If I find, I will let the forum know. If any body has any info, pls post.

Roshan