Badrah Power of Attorney

[innocent_criminal]

Hi,

I purchased an apartment in Badrah Phase 2 from the owner the day he bought it for 6% premium. Because the contract wasn't ready (and i dont think it is yet) i had to purchase it with a POA which obviously keeps me exposed to a scam. I was wondering if anyone knows if the Phase 2 contracts have been handed out yet?

and more importantly whether its easy for me to resell the property in a couple of month with another POA?

I would like to sell it after Cityscape in october and before the second payment in January. Thanks in advance for your help

[smzuntujnr]

good day everyone
im a new member here and i thought it will be nice to send my shout out to all the great people in the forum. hoping we will learn and achieve great things together.

[New_Investor]

Originally Posted by innocent_criminal

Hi,

I purchased an apartment in Badrah Phase 2 from the owner the day he bought it for 6% premium. Because the contract wasn't ready (and i dont think it is yet) i had to purchase it with a POA which obviously keeps me exposed to a scam. I was wondering if anyone knows if the Phase 2 contracts have been handed out yet?

and more importantly whether its easy for me to resell the property in a couple of month with another POA?

I would like to sell it after Cityscape in october and before the second payment in January. Thanks in advance for your help

hi there,

I bought one my self directly from nakheel and there's a delay in the contracts (didnt get mine so far) all phase2 and most of phase 1 has no PSA so far

however POA only is not enough, you should have a POA and MOU as well

I hope i've cleard some fog over here, others members = your views and comments please

[innocent_criminal]

Hi Mr. H,

Many thanks for your reply. Yes i do have a POA and MOU. but of course, the current owner can actually give POA to many other potential buyers and then leave the country with all these downpayments without coming back to dubai. Now i dont think he will dow that considering i also have his original booking form. But i want a piece of mind and the freedome to sell it whenever i want. Thats why my main question was whether i can actually resell the apartment with another POA and MOU? is that common practice?

Thanks

[New_Investor]

Originally Posted by innocent_criminal

Hi Mr. H,

Many thanks for your reply. Yes i do have a POA and MOU. but of course, the current owner can actually give POA to many other potential buyers and then leave the country with all these downpayments without coming back to dubai. Now i dont think he will dow that considering i also have his original booking form. But i want a piece of mind and the freedome to sell it whenever i want. Thats why my main question was whether i can actually resell the apartment with another POA and MOU? is that common practice?

Thanks

Well really i've never done it before, so i dont want to provide misleading info,

Guys, any idea if this is possible or not?

[mcjidim]

Originally Posted by New_Investor

Well really i've never done it before, so i dont want to provide misleading info,

Guys, any idea if this is possible or not?

If you are buying a Property on MOU & POA, it makes you a secondary buyer. So if you want to sell this property further to a third person. Then you can do that only if the ORIGINAL or Initial Owner (The First Buyer) of the Property now makes a new POA addressed to the new buyer or buyer No 3. So On

The catch here is that when you are buying a property on MOU kindly ensure that the actual owner is not someone who is on a visit visa or he is not someone you cannot get hold of later on.

So, ensure that he is someone who lives in Dubai, and he can be cooperative to make for you more POA's in future and for that you must see that he works for a reputable company and is an established person in here. So that reduces the risks that he may pack his bag any time

[innocent_criminal]

Thanks for your reply. The guy i bought from works for a reputable company and i dont think he is planning on leaving anytime soon. Its just such a hassle to ask him to sign another POA, not to mention the fast that he will want something for his time. I just wish Nakheel are bit quicker with producing the badrah contract. thanks again.

[sadiqnazir]

Hi Dear,
As I have done it before as well if you hav got the POA, you can issue another one against that, there is no need of the original owner for sure. You can easily provide an another one. To be on the safe side keep both the copies given to you by court because to give any other POA on that property, the original owner needs to cancel an existing one and for that he requires both the copies.


Hope this would clear your doubts to some extent.


Thanks

[faheem2241]

Originally Posted by New_Investor

Well really i've never done it before, so i dont want to provide misleading info,

Guys, any idea if this is possible or not?

DEAR all in the event you are buying any property first of all main important thing is that make sure when you are taking A power of attorney tell the typist or the seller to mention the clause that the legeal attroney can trasnfer full rights or any of the right what so ever needed thorugh this power of attroney, so having this kind of POA? yes you can Sell the particular property ! and can give the power of Attorney through that pervious POA Make sure when you are going to give New power keep the Pervious orignal one along with photo copies the notry will see it because you are givng him the power on behalf of the orignal 1st seller whose name in the devloper's record ! and plus in the event of buying these kind of property kindly include any RERA Registerd Compnay in it and also MUST IS MOU(SPA) AND POA BOTH ARE VERY IMPORTANT!!!