No sale contract???

• Hi there,
  I wish to buy an apartment in Dubai. It's construction is yet to start. The builder has requested for payment in phases, but at the moment the sale contract does not exist, the builder says it will be ready in 4 months. Should I go ahead and pay the 1st instalment?

  22 May 2007, 07:05 Isaak

Replies

• Escrow account

  yes you can pay any installment the developer asks for , but in escrow account only , otherwise you might face what happened in businessbay last year , or marina at 2005 , when the developer just took the money and went out !!!

  Ahmad 02 Aug 2008, 08:52 - Report

• Hi

  I am also stuck in a same position but have paid 20 % in August'08 itself but now developer is not even talking about sale and purchase agreement. I have stopped payment now but don't know what will happen next.

  Abhi 08 Mar 2009, 04:12 - Report

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