What is Contract F, MOU in Dubai Real Estate?

Описание: What’s Form F?
Form F is simply an agreement between a Buyer and Seller containing all possible details of a transactions, such as:
1. Name of the parties
2. Property details
3. Selling price of a property
4. Information about the mortgage or financing if applicable
5. Breakdown of all payments and who’ll be paying them
6. Property transfer date
7. Additional terms and conditions parties agreed upon


When do you sign Form F?
Form F is signed at the stage when you (Buyer) found a property you want to purchase and you agree on the asking price and you’re ready to finalize. By signing Form F, parties must provide 10% security cheque from a selling price. This secures parties from backing out.


How do you sign Form F?
There’s no longer a hard copy of a Form F you sign physically with a pen or pencil. Form F is generated electronically by an agent using Dubai REST App. And you “sign” it by simply clicking on the link in the SMS you gonna receive. This link will take you to the approval page with OTP verification.

How long is Form F valid for?
It’s valid based on the validity date agent selected while creating it.

What’s MOU?
MOU stands for Memorandum of Understanding. It includes all additional terms and conditions of your property purchase.

What happens if party defaults?
If party defaults, then the party will loose the security deposit of 10% it provided earlier.

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