أسئلة وأجوبة
How to speed up buyer’s bank account opening and claim security deposit if delayed?
Dear Lawyers,
I am selling an apartment in Dubai to a US-based buyer. The Form F was signed at the end of May and has been extended twice to allow the buyer to secure financing.
They have received pre-approval and are now waiting for the final offer letter. To obtain the final offer letter, the buyers (husband and wife) need to travel to the UAE to open a bank account.
Due to personal circumstances, they cannot travel together, which means the bank account will not be opened for at least another two weeks. The Form F is expiring in three days.
What are my recourses as a seller to:
a) force the buyer to expedite their travel plans to open the bank account, and
b) claim their security deposit held by the agent if they do not expedite their travel?
Additionally, if I file a claim for their security deposit, will I be blocked from selling my property to someone else until the claim is resolved?
Dear Questioner,
It is advisable to consult us personally as a legal professional who specializes in real estate transactions in Dubai for tailored advice based on your specific situation and local laws.
While you cannot force buyers’ travel plans directly, open communication and negotiation may help expedite matters.
If they fail to meet obligations under Form F, claiming their security deposit is possible but could complicate future sales until resolved.
Dear Questioner,
As a seller, you have the right to request that the buyer expedite their travel plans in order to open the bank account and complete the transaction.
However, you cannot force them to do so. If the buyer is unable to open the bank account within the specified time frame, you may consider extending form F again or terminating the sale agreement.
Please contact our senior legal consultant Mr. Muhammad Abdullah via WhatsApp for further assistance.
Thank you for reaching out with your concerns about the sale of your apartment in Dubai!
I understand that the situation with the buyer's financing and travel plans is causing some frustration, especially with the expiration of Form F approaching.
To address your questions:
- Forcing the Buyer to Expedite Travel Plans:
While you cannot legally force the buyer to expedite their travel plans, you may request an additional extension of Form F, making it clear that this would be the final extension granted. If the buyer is committed to the purchase, this may encourage them to prioritize the necessary travel.
- Claiming the Security Deposit:
If the buyer fails to meet the agreed deadlines despite extensions, you may have grounds to claim the security deposit held by the agent. This would typically involve demonstrating that the buyer has not fulfilled their obligations under the contract.
- Impact on Selling to Another Buyer:
Filing a claim for the security deposit does not automatically block you from selling your property to someone else. However, it’s crucial to ensure that the original contract is properly terminated before entering into a new agreement to avoid potential legal complications.
Given the complexities involved, it’s advisable to seek legal assistance to navigate these issues effectively and to protect your rights as a seller.
I’d be happy to assist you with this process and ensure that all necessary actions are taken in a timely manner.
Please feel free to reach out to me through WhatsApp or phone at [--------] to discuss further.
Best regards,
Suhail Rana
Once the period mentioned in Form F has expired, you are free to sell the apartment to any other buyer and also keep the 10% deposit that you should have received from them.
Hello,
As per your query, please note that they can give a power of attorney to a lawyer, and we can handle the necessary tasks and be the trustee for the cheque, etc.
You can renew for an additional 15 days and then proceed, instead of canceling. Also, since you are canceling the contract, the deposit is applicable but should be in accordance with the terms of the contract.
There is no blockage unless you go through an agent. Please contact us by email at [--------] or by phone at [---------].
