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Fake distressed sellers cheating property buyers in Dubai

Parag Deulgaonkar Emirates 247
Picture used for illustrative purposes only. (FILE)

Picture used for illustrative purposes only. (FILE)

All property transfers need to be done through the Dubai Land Department, a senior government official has said.

His response came after industry sources told Emirates 24|7 that there have been transactions where some “fake” distressed sellers, owning a completed unit but without a title deed, had sold the same unit to multiple people by just signing a memorandum of understanding (MoU) and assuring completion of formalities within a certain time period.

A broker, who asked not to be named, said: “We did a transaction with a so-called "distressed" investor who agreed to sell his unit at a lower price to our client.

Only a token amount was paid after they signed a MoU. We, however, found out later that the person had sold the same unit to a number of people.”

He added: “We can’t ascertain how much money he made, but there was no police complaint filed since the amount paid was very nominal by our client.”


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