• Case Study: Investor without a local bank account? Not a problem.

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  •  Firas Al Msaddi  Sunday, 26 April, 2020  

    Case Study: Investor without a local bank account? Not a problem.

    One of our agent received a client for buying a property in Trident grand, He dealt with the client for 2 weeks offered 3 units which would be perfect.

    The buyer made an offer of  AED 1.7M on 26th February for a property which our agent had for AED 2.2M. Usually many agents would reject this client and move on to something else, however our agent persevered and pushed the owner as he believed the offer was very good.

    It turns out the seller was really motivated and needed to sell, however, they were under the impression that other agencies had a client for the property at a much higher price. Our agent challenged the seller to request a cheque from the other agents and none of them could deliver.

    The main challenge came once both parties agreed to AED 1.8M, our agent requested a cheque from the buyer, but it so turned out that the client who is a European national didn’t have any bank account in Dubai. Undeterred our agent requested some advice from the team, and Domain conveyancing a strategic partner of fäm was introduced to the transaction, they would draft all legal contracts and hold the money transferred to them in escrow, which means they can also create managers cheques.

    The next challenge was the buyer, who is an older gentlemen fears travelling at the moment due to the virus. Domain conveyancing also offered a power of attorney service for the client and the deal was all confirmed.

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