Well, if you’re not much of a reader, then these bite size information-rich videos should do the trick! We highlight tips for tenants, landlords, buyers and sellers. We’ve also filmed residents in the UAE like you and me, who had legal questions they wanted an answer to. Legal consultant, Ahmed Odeh, gives some useful advice that’s worth listening in on!
Gabriela is selling her Dubai property. She wants to know if she should only deal with pre-approved buyers.
Gabriela: “I want to sell my apartment and I found a buyer who’s really interested and he’s potentially gonna
buy this apartment, buy before we sign the purchase agreement, I asked him if he got the pre-approval for his mortgage,
and he said he didn’t. Now, I don’t know if I should push through with the signing process,
or if I should hold off. ”
Legal Consultant, Ahmed Odeh:
“Thank you for the question, Gabriela. First off, it is always recommended to sign sale and purchase agreements with either cash buyers
or buyers with pre-approved mortgages. Signing the sale and purchase agreement with a buyer that is not pre-approved, may run the risk of the deal
not going through. Yes, the buyer would have lost his deposit, but you would have also wasted valuable time that would have otherwise been
spent on finding serious buyers. So I would recommend that you request the buyer to obtain pre-approval, before signing the sale
and purchase agreement. And this is to confirm that the property purchase price is within the buyer’s budget.
I hope I’ve answered your question.”
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