# How to safely transfer funds to a property dealer



## sarafzy (Jan 5, 2013)

Hi,

I want to invest in a studio apartment. I do not know the real estate agent and have never met him face to face.... Any suggestion on how to safely send the 10% and more latter on to the agent....?

Appreciate your suggestion & experience...


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## M.A.K (Sep 14, 2011)

Well the 10% which sounds like a deposit cheque cheque which usually required when signing an mou is usually in the name of the seller. I wouldnt transfer them to an agent unless i really know the agent or someone reliable has reffered the agent. What are the terms of purchase. Is the 10% readily encashable or encashable after noc? Its adviseable that you send the amount to a friend/relative who in turn can issue a managers cheque in the owners name.


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## Chocoholic (Oct 29, 2012)

First off, make sure the agent is registered and legal and has the authority to be dealing with the property i.e. they will have all the sellers details, copies of title deeds etc.


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## Bigjimbo (Oct 28, 2010)

Make better to call Emirates Conveyancing. They are a registered legal agency that do Conveyancing for purchases. Call Alex on 0561156652. She is lovely and very professional. She will probably be your power of attorney, and sort everything for you.


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## R_Smithy (Jun 13, 2010)

BigJimbo great advice.


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## Chocoholic (Oct 29, 2012)

But with regards to money transfer - stating the obvious - bank transfer, western union money transfer etc etc


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## sarafzy (Jan 5, 2013)

M.A.K said:


> Well the 10% which sounds like a deposit cheque cheque which usually required when signing an mou is usually in the name of the seller. I wouldnt transfer them to an agent unless i really know the agent or someone reliable has reffered the agent. What are the terms of purchase. Is the 10% readily encashable or encashable after noc? Its adviseable that you send the amount to a friend/relative who in turn can issue a managers cheque in the owners name.


"Thanks for an informative reply. I intend to send 10% by TT through bank to the agent. What is managers cheque? 

How is this idea to make short visit to Dubai, pay to the agent (by a bank draft), get a receipt and get the MOU signed right there."


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## Chocoholic (Oct 29, 2012)

A Managers Cheque is the same as a Bankers Draft - but they won't know what you're talking about here if you ask for one.


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## M.A.K (Sep 14, 2011)

If its your first purchase then its always best to make a trip see the building and if possible the apartment. Get an idea of the area. Enjoy a short vacation in the best weather you can possibly have in dubai and leave. Also pm me the companies name and i can let you know how good their reputation is.


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## R_Smithy (Jun 13, 2010)

Sarafzy, theres no way I would transfer 10% to an agent that I had never met. Why not pay a small fee and use the services of a conveyancing company. You will not get ripped off then. You really need to do your homework before you start investing in Dubai.


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## Bigjimbo (Oct 28, 2010)

I give up!


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