أسئلة وأجوبة
Seller cleared mortgage late, bank declined disbursement - what to do?
Dear all,
I am writing to you regarding a property sale breach of contract. I signed a Memorandum of Understanding (MOU) as the buyer of a mortgaged property in Dubai.
The purchase I am making is also through a mortgage. However, the seller only cleared the mortgage on the property he is selling to me after I received the final offer letter from the bank for the mortgage I applied for, based on the documents I submitted.
The seller signed the MOU to sell a mortgaged property and provided the documents to support this. However, my bank has declined the disbursement because the details have changed without prior notification or explanation.
In order to complete the transfer, I have to reapply for a mortgage. The seller has refused to extend the MOU, and a new title deed has to be issued according to the new details of the mortgage-free property.
How can I best deal with this situation, since the MOU has expired and everything was done on time from my side?
Thank you!
Dear Client,
Thanks for your question! I hope you are doing well. I will definitely assist you in this matter.
Since the MOU has expired and circumstances have changed, you may need to negotiate with the seller for an extension, considering the bank's decision and your efforts to secure the mortgage.
Please send the documents to our email and we can assist in renegotiating terms, drafting new agreements, and guiding you through any necessary legal processes to ensure your interests are protected during the property sale breach contract situation.
For any further legal assistance, you can WhatsApp us. We have an extensive team of knowledgeable and experienced lawyers to provide the legal assistance you need.
We will definitely be happy to help you.
Thanks & Regards,
ABDUL WAHIED
Dear Questioner,
What I understand from this is that your agreement will depend upon the mortgage and it was declined not because of your fault.
Now you want to extend the MOU. Here in this situation, everything will depend upon your agreement.
If the MOU expired, you can prepare another one with the consent of the other party.
