Dubai Property Experts Discuss - Blocking a Property
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08DEC
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Dubai Property Experts Discuss - Blocking a Property
The process known as “Blocking” a property is usually done when the property listed is mortgaged and an agreement of sale is entered into between a Seller and a Buyer.
It is a regular process in the Dubai Property market for the Buyer to settle the Sellers mortgage and deduct the advance payment made from the final sale proceeds.
The mortgage settlement will occur prior to change of ownership and therefore to safeguard the Buyer there is an option to block the property.
This means the Seller will not be allowed to sell the property to anyone else other than the Buyer whom has cleared the outstanding mortgage. There is a selection of Trustees Offices that will complete this process.
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