Risks Associated With Purchasing An Off-plan Property
One of the first Arab governments to do so was the law of the United Arab Emirates, which defined an “off-plan sale contract” as the sale of unfinished or undivided real estate units. As a result, a number of regional laws addressing this matter and its judicial structure have been passed in the Emirates.
One of the most important concerns facing the nation is the off plan property for sale in Dubai real estate, which also presents a number of legal issues.
It goes without saying that selling land on a map is one of the crucial activities that contribute significantly to the expansion of investment activity and real estate investment. Even with all the benefits that an off plan projects in Dubai purchase has, there are still certain issues and flaws that we will point out to you so that you can proceed with caution, such as:
a) Failing to initialise the real estate registry under the buyer’s name for the real estate that was agreed upon on the map between the developer and the buyer.
b) The establishment of the escrow account for the real estate project was a requirement that the developers may have forgotten to fulfil.
c) A holdup in real estate development after a six-month period following the receipt of the off-plan property for sale in Dubai licence, which causes an interruption of interests.
d) The developer requested further payments from the customer be made to an account other than the one designated for the contract’s principal account.
e) Using a licence while performing real estate development work.
f) This type of investment from some map-based real estate vendors may be accompanied by scams and fraud.
g) The possibility of economic fluctuations during the contract’s execution; If the economy stagnates, higher interest rates and a decline in the value of the national currency result, contractors and real estate company owners won’t be able to meet their obligations, and the projects will be put on hold.
h) The ownership of the property does not change once the contract is signed; instead, the real estate developer retains possession of it up until the project is finished, at which point the buyer receives ownership. This creates a sense of distrust among potential customers toward the developer.
I) Project not being finished by the agreed-upon deadline due to the real estate developer’s bankruptcy or for any other reason that puts the buyers’ rights in jeopardy. Similar to the first situation, in the second one the buyers’ unwillingness to pay the price of real estate units because of their bankruptcy or another adverse and indirect influence on the real estate developer’s operation.
j) The property developer’s failure, for any reason, to secure the title deed to the property on which he plans to construct the project, which will inevitably result in the initiation of a legal dispute that could last for many years between the developer and government agencies on the one hand, and between him and the buyers on the other.
Last but not least, poorly written drafts of purchase and sale agreements, which are contracts for the ownership of real estate units, frequently contain legal loopholes that typically work against the buyer at their expense.
Why Hire Property Shoma Real Estate Company In Dubai?
Therefore, an experienced real estate company in Dubai like Propertyshoma should be hired for assistance before finalising to buy off plan property in Dubai. We at Propertyshoma are:
1. Trusted by thousands
2. Have a wide range of properties
3. Help you get easy financing
4. Timely delivery of possession
5. Less commission ratio
Use our property finder in Dubai for any real estate buying or selling in UAE. Contact us now!
Media Contact
Company Name: Propertyshoma
Contact Person: Mohammad Sharifi
Email: Send Email
Phone: 80074662
Country: United Arab Emirates
Website: https://www.propertyshoma.com/
