Questions & Answers
Liability of signing a mortgage MOU on behalf of a friend to lift her travel ban
Hello,
My friend has a ban from traveling outside the UAE due to unpaid mortgage payments. She is trying to sell the property (an apartment worth more than the remaining mortgage value) with the bank agreement.
The bank told her that if she presents an MOU that someone wants to buy the apartment, they would lift the ban.
My friend is asking me to sign the MOU as a buyer, she herself wouldn't sign the MOU but send it to the bank to get the ban lifted as she needs to travel urgently (her father is in the hospital dying of COVID).
I do not intend to buy this property nor do I have the funds to do it. I am reluctant to sign this document, even though I want to help my friend.
Would I be held accountable and have to pay a penalty fee of 10% of property value if I am the only one signing the MOU?
What if the broker also signs it but my friend (the owner) doesn't?
Could the bank turn to me if they find out I am not truly interested in buying the property?
Thanks for your help!
Dear questioner,
Signing this agreement could be a very dangerous step to take.
We do not advise such an act as it could put you under serious liabilities.
For more information, please contact us through phone call or Whatsapp.
Hello,
As per your query, signing the agreement will have consequences and you will be liable for the payment.
It is recommended that you do not sign the document and take her liability.
Please call or e-mail us.
Disclaimer- The above-referred view is not a legal opinion, these opinions cannot be challenged or presented before any court of law.
