Q: I am going to buy a property in Dubai and entered an MOU. The owner is from Sudan living in Saudi. The mortgage bank is not accepting to issue a cheque to POA… A: The bank can issue the cheque under the name of the owner, and the owner can issue a specific POA to his attorney authorizing him…

Dubai, UAE

514

How to buy a property on mortgage when the owner is out of country

Hi.

I am going to buy a property in Dubai and entered an MOU. The owner is from Sudan living in Saudi.

He is saying he will give a POA and I need to give the sale proceed cheque to the POA.

However, the mortgage bank is not accepting to issue a cheque to POA and mentioning they will give cheque only to the owner's name.

Please advise

Momentum Legal & Management Consultancy

Hire

Meet

18 Apr 2021, 20:08

Hi,

The bank can issue the cheque under the name of the owner, and the owner can issue a specific POA to his attorney authorizing him to cash the cheque.

Contact for more details.

Sayed Abdalla

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