Resale Procedure

[mpat]

Originally Posted by lsab

Emirates Advocates : Lawyers, Attorneys, Legal Consultants in Dubai, UAE, and other GCC Countries. +971 4 330 4343 - this was the firm that was used for our escrow payments when we bought our studio in IC

James Berry & Associates-Lawyers, Dubai, United Arab Emirates, legal consultants +971 4 331 7552 - I found this one on the net but remembered that he'd been recommended to us a few years go.

I'm going to be phoning around this morning but the quotes that I get won't help you Roshan as we want someone to act for us in the sale of our studio.

Isab
Really u r making good efforts on this,but I personally believe that one can sell it without a lawyer also,I m not sure how,but just try to talk to the developer directly and may be they have a set procedure we need to follow , ultimately they r still charging a fee of 2% for transferring. I sold one of my property to a friend ( whom I trust and he did trust on me ) and it was very smooth like a piece of cake.
Best Regards

[Lsab]

Thanks mpat,

I'm with you 100% but my husband is adamant that we do it through a lawyer. In fact on a recommendation we're going to see Anthony Floyd Welcome on saturday. I spoke to him on the phone this morning and found him extremely honest about our situation and about the buying/selling process in IC. He's only charging us 7000aed, so it's worth it for my husbands peace of mind!

The buyer that our agent found is taking care of all expenses so we don't need to worry about the transfer fee.

Hopefully this will be all over and done with very soon and when it is, I'll be recommending my agent too. He's been fantastic.

thanks again mpat

[usmandodhy]

Hi,

As per the RERA policy the money from the seller would be safe with the dealer and will be transfered to buyer once the ownership would be completely transfered.

Reason: This is because, in some cases it happens that the buyer get the initial payment at the time of booking (10% in most of the cases) and then if the buyer had to go to his country and somehow wont be able to come back early so in that case the deal doesnt work out well.

In order to make deals in the better way RERA has identified this policy.

So, if the your dealer is the RERA certified dealers, you can definitely trust him.

Regards,

Usman

[G.invester]

Originally Posted by lsab

Thanks mpat,

I'm with you 100% but my husband is adamant that we do it through a lawyer. In fact on a recommendation we're going to see Anthony Floyd Welcome on saturday. I spoke to him on the phone this morning and found him extremely honest about our situation and about the buying/selling process in IC. He's only charging us 7000aed, so it's worth it for my husbands peace of mind!

The buyer that our agent found is taking care of all expenses so we don't need to worry about the transfer fee.

Hopefully this will be all over and done with very soon and when it is, I'll be recommending my agent too. He's been fantastic.

thanks again mpat

wish you best of luck. Can you email me the your agent's name. I have property i want to sell. faro7h @ netscape dot com

[mpat]

Originally Posted by usmandodhy

Hi,

As per the RERA policy the money from the seller would be safe with the dealer and will be transfered to buyer once the ownership would be completely transfered.

Reason: This is because, in some cases it happens that the buyer get the initial payment at the time of booking (10% in most of the cases) and then if the buyer had to go to his country and somehow wont be able to come back early so in that case the deal doesnt work out well.

In order to make deals in the better way RERA has identified this policy.

So, if the your dealer is the RERA certified dealers, you can definitely trust him.

Regards,

Usman

Actually u r right Usman, but I think even registered dealer or agents are unable to ensure that seller will stick to his initial commitment,prices keep changing and speculators make them feel that the property is worth more than what he s selling for, I m quoting this becos lastly we came across some cases where buyer changed his mind at the last moment.this is what makes it difficult for real estate agents in dealing for secondary market.

[Stripe99]

I used James Berry & Associates to sell my property in Dubai, however my villa was completed, i.e. not off plan. I live in the UK and corresponded with them by email throughout the selling process.
The agent I used was Betterhomes as I had already been using them to rent my villa out.

[Roshan]

Originally Posted by mpat

Isab
Really u r making good efforts on this,but I personally believe that one can sell it without a lawyer also,I m not sure how,but just try to talk to the developer directly and may be they have a set procedure we need to follow , ultimately they r still charging a fee of 2% for transferring. I sold one of my property to a friend ( whom I trust and he did trust on me ) and it was very smooth like a piece of cake.
Best Regards

Sale in secondary market is based on trust. There are a few stray cases but otherwise most of the deals sail through without any problems.

You could be cautious and not pay an advance, take out bank certified cheques ( some call it managers cheques )and pay them at the developers office before signing of papers. You can give a photocopy to the seller so that he can verify with the bank.

REgards

Roshan

[mpat]

Originally Posted by Roshan

Sale in secondary market is based on trust. There are a few stray cases but otherwise most of the deals sail through without any problems.

You could be cautious and not pay an advance, take out bank certified cheques ( some call it managers cheques )and pay them at the developers office before signing of papers. You can give a photocopy to the seller so that he can verify with the bank.

REgards

Roshan

Yes Good Idea Roshan,

I m in a re sale deal at present.Let s hope that I can do it. Actually I suggested to my agent to get a similar amounts' cheque from the seller also so that he can turn hostile.or else he will lose tht amount of 10%.Agent said he will try.
Let s see if this one sails thru or not.I m in doubt since the price is very very competitive , reminding of a distress sale.
Bye

[Lsab]

Its all so much worse when you don't live in Dubai too. I have to go through an agent really as I've got to leave the keys with someone in order for prospective buyers to see the place. This is why my husband wants a solicitor. Every agent tells me a different story so I'm confused about the whole thing. They price the property totally differently (how hard can it be to price a studio in IC) - one agent says that I don't need to be in Dubai at all for the whole process, that it can all be done by POA and they'll deposit my final cheque in my UK bank. The next tells me that I must be there for handover.

[Roshan]

Originally Posted by Stripe99

I used James Berry & Associates to sell my property in Dubai, however my villa was completed, i.e. not off plan. I live in the UK and corresponded with them by email throughout the selling process.
The agent I used was Betterhomes as I had already been using them to rent my villa out.

Can we know how was the service of James Berry & Asscociates. Was the service good, prompt and how much did they charge for the transcation.

Thanks

Roshan