Selling a Financed Property In Dubai
If you have any outstanding finance on a property there are some important factors to consider before accepting an offer on your property from a Buyer:
Mortgages are not transferrable and therefore full and final clearance of the loan amount and any early settlement fees are required during the sale process.
It is common for the Buyer to clear the Sellers mortgage but you need confirmation
of this arrangement to include within the terms of the Sale Agreement.
If you are considering appointing a Power of Attorney to represent you in the sale and you are processing this document from Dubai the UAE Courts have recently changed their regulations. The Courts will require a �True Copy� of the Title Deed with the financer or banks original stamp and verification of this document. If the Seller cannot produce an original Title Deed or a certified �true copy� the Courts will not legalise the Power of Attorney for selling the property.
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