Questions & Answers
I am buying a mortgaged property in Abu Dhabi and want to guarantee my rights
I am buying a mortgaged property in Abu Dhabi for which I'm required to make payment to the seller's loan obligation before the Title Deed Transfer, so that bank can issue a mortgage loan clearance letter and release the original title deed document to the seller.
Unlike Dubai, I understand there is no process currently in place to "block the property" with Abu Dhabi Municipality at the time the buyer gives a cheque (in the name of the seller's bank) for the loan obligation.
Therefore, my question is, how to minimize the risk of the buyer's default, i.e., the seller does not transfer the Title Deed to the buyer after the buyer pays a cheque for all the seller's loan obligation.
Thank you
Hello,
Please note that you can make a notarized agreement with all the terms, stating that if there is any default from the buyer's side, you can directly execute the same.
Or you can request a statement on oath from the buyer before the notarizing authority.
