Selling Mortgaged Property in Dubai. How to Clear Mortgage?
Автор: Akhmed Idigov
Загружено: 2022-05-06
Просмотров: 1373
Описание:
If you have mortgaged property that you wish to sell, there are 2 possible ways to do it.
1) Seller clears the mortgage.
2) Buyer pays the mortgage.
In this video I cover the first scenario. There’s no transfer of mortgage.
What is the process if seller clears the mortgage?
1) You get NOC for Resale. Valid for 30 days.
2) You get the outstanding mortgage amount to be cleared. You can do it via requesting a Liability Letter or simply visiting the bank. Liability Letter is valid for 14 days.
3) You clear the mortgage by simply visiting the branch of the bank or customer service department. This will cost you 1% or AED 10,000 whichever is lower, as Early Settlement Fee.
4) You go to registration trustee to make a property transfer.
Bonus Tip:
Better directly visit the bank and submit a request for Early Settlement without a Liability Letter request. Make sure required amount is available in your bank account along with the Early Settlement Fee.
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