Escrow services for real estate

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Escrow services for real estate


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Old 17th November 2019, 11:31 AM
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Users Flag! Originally from canada. Users Flag! Expat in uae.
Default Escrow services for real estate

Hi,

I am interested in purchasing an apartment in Dubai from the secondary market. The property is currently mortgaged, and the seller does not have funds to pay off the bank. He wants me to clear his mortgage, his bank will issue a NOC, and then we can complete the transfer with DLD.

I visited his bank and the bank will not issue any assurance/letter to me/seller that my funds will be used only towards the said property's owing, and that following this payment the bank will issue NOC regardless of any other owing that the seller might have with the bank. I am not comfortable in giving funds to the bank and be at bank's mercy to timely issue the NOC AND hopefully nothing happens to the seller AND the seller shows up for the transfer.

What are my options and how to secure myself?

Thanks
Miky

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Old 18th November 2019, 04:09 PM
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Buy a different property!

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