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How to protect your rights when you buy a property on mortgage
A property seller intends to settle their property mortgage with their bank before selling the property to me.
In other words, the seller said they wanted to go to their bank, wire the outstanding balance to their bank, and wait for the mortgage settlement confirmation letter by the bank.
How long does this process usually take in the UAE? Are there any delays by the banks?
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Dr. Mohamed Alhammadi Advocates and Legal Consultants
2 Nov 2021, 19:22
It shouldn't take a long time, however, you should assure the exact mortgage amount and all details before paying one dirham.
Furthermore, I highly recommend sending the SPA to any lawyer before signing and paying anything.
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