Questions and concerns
Hi all,
We would like to purchase an apartment in UAE and in the past two weeks since we made the decision, I have nothing but headaches. So many unclear issues and I can not find the answers.
First of all, I live in Macedonia, the kingdom of frauds and scams and I am trying to be cautious but I guess you can never be sure.... Just pray that all goes well.
The real estate agent who's selling this apartment (not First Choice) is very slow and gives me answers only to some general questions. When I asked who is building Crown Residence, I was told since Fortune Group and R Holding are part of this property, I do not need to worry. Thanks to this forum, I find out that builders are Fortune LLC and CST.
CST has web site stating they are new company founded in 2005 with no past work, only ongoing projects so I can not see the past performance. Plus the site is under construction. When I googled Fortune LLC UAE, it comes out info about company that is selling frozen products, fish and shrimp??? Both CST and Fortune LLC are not RERA registered, probably because they are from Ajman? I mean, if you work on multi million projects, be professional enough and create a web site…
Because this is resale, who do I sign the contract with? Pay the current owner and resign the contract with the builder?
Are you called ''the owner'' in the contracts you signed?
What is the completion due date for Crown Residence?
What happens if the building is cancelled, do we get our money back?
What if the builder is late?
What is the chance this not very famous companies, actually their owners to disappear with the cash?
How well is the buyer protected?
Did any of you sign ESCROW?
If yes, what company do you recommend and do you feel safer?
The apartment is selling for good price, higher than developers price but lower than other properties that are currently on the market. If I had all the answers and if I can be sure that this a safe buy, this is a nice deal.
Did you have any of these concerns? I hope you can answer any of my questions
Thank you!
Suggestions
I am happy that you have raised these questions.
I beleive that only the developer can answer these questions. Some answers will be varbal only , where as some will be mentioned in the contract. As a buyer, we always have a contract which mentions the general terms and conditions and the answer for half of your queries are there.
As far as the website is conceren , even the website of R-Holding (which is the masre developer of this mega project Emirates City) is hopeless. You can not get the answers of any of your questions from their web site, or even if you visit their office in Ajman.
It is my suggestion to the moderators of this site to please compile and complete the table (it is not completed at present) which shows the name of tower,name of selling agent, name of developer, their reputation (based on the input from the members) etc.
In case of resale, do the
In case of resale, do the current owner goes back to the authorized seller where he originally purchased the apartment or he/she can go thru any real estate agent? From this forum I see that First Choice was the original seller and I am dealing with another real estate agent, chosed by the current owner.
I was told that the current owner paid 22% of the price. Do you guys receive any proof of payment? I would like to be sure how much was really paid… I think that the real estate agent should ask the developer to confirm this information.
God bless whoever started this forum!!! :)
Proof of Payment
Most of the time, if you are in UAE, you get the proof of payment when you pay (in the form of payment receipt either from the selling agent or from the developer).
Yes, I do have payment receipt from the developer.
The amount paid depend on when you booked your property and the payment terms. For Crown Residencia (through First Choice), it is 5 % at the time of booking, 10 % within one month of the booking, then @7% every 3 months.
Now I have a question about
Now I have a question about "escrew" or "escrow" (don't know which is right) account. Up to now I made my first 4 payments to First Choice RE, one the fifth, to Fortune LLC and the last one direct to office of Al Batha LLC. I payed all amounts in cash and I have receipts. But I know also that by low should be a "secure" accont called let's say "escrew" on the account of municipality, wich garantee you that all your money are safe and this money don't go to developer unless the project is finished. But still nobody can answer me is there any account like this? How can we be shure that our invesment are safe and secured? Does anybody know anything about it?