#PROJECT-Ras Al Khaimah: MINA AL ARAB

[UAEasy]

Originally Posted by lululu1

Thanks UAEasy. Do you have your title deeds? What is the procedure and cost??

No. I think they belong to the bank when a property is mortgaged don't they?

Unless you mean the land registry stuff? didn't do that either although I seem to remember being told that would cost 2% of purchase price, but don't quote me on that.

[UAEasy]

If RAK Properties are due to pay a penalty to you it will be in your contract. Ours specified an expected completion date but also a timeframe (12 months comes to mind) after that as leeway.

Please look in your contracts and see if any reference is made to the "Declaration". If you find it there, insist RAK Props give it to you.
Our contract refers to it regularly; instead of going into detail it refers to things as being defined in the Declaration. They never bothered giving us a copy of this document we are expected to adhere to.

Have they told you what the annual maintenance fees are yet? If not, you probably want to be sitting down when they tell you. Wonderful people waited right until the last minute to tell us.

[RAK....]

hi all
a new member to this group of Mina Al Arab residents and investors, speculators etc...

I am a proud (perhaps not the right word) owner of a one bed in Building 2 and am being chased to pay or else....penalty charges etc etc etc.

I have had the priviledge to be asked to pay a further 28k for the connections.

I just wanted to gauge feedback, is it worth fighting together to reduce the prices or is that wishful thinking?

Also have most people here completed on their units and if so how are they finding things?

Thanks again

[kakihot]

sorry for late reply all friends!

As Dear UAEASY told the fine that property must pay is in the Contract . for Apartments their final time was end of 2011 and after this time they have to pay 1% per month to owner also this is right for 18 month long time not more . After 18 month late the owner can return back all money + 18 month with 1% fine=18% fine .

If anybody has new update image by building let we see. i need to see what happen there after their handover time .

[UAEasy]

As per our contract they gave us a completion date - I believe it was September 2009 - but the contract gave them 12 months after this to actually complete and handover with paying a penalty to us, the owners.
They handed over to us at the end of June 2010, 9 months late, but still within the 12 months grace period so no penalty was payable to us.

I haven't seen your contract but I would imagine the terms are probably similar to ours so I would expect that they quote end of 2011 as their expected completion, but they are not liable to pay a penalty to the buyers until 12 months after this ie, end of 2012.

Handover will be before then so they probably won't be liable to pay any penalties.


@ RAK... Personally I'd say you don't have a snowflake in hell's chance of getting any charges you owe to them lowered.
I nearly choked when I saw how much we were being charged for connection fees and maintenance fees but RAK Properties did not budge. It was a case of pay up or don't get your keys. No amount of complaining about the extortionate maintenance fees made one iota of difference.

Don't expect them to justify their charges either; I found getting this kind of information out of them like trying to deal with a petulant toddler; they just refuse to answer or communicate regarding matters they're not comfortable with.

[ryattm]

Interesting - I checked our contract. Under Section 5.2 it says our completion date was supposed to be 22 Aug 2010 - with the seller being allowed at their discretion to extend by up to 12 months. So that would take us to Aug 2011 which would mean that if our contract was the same as yours we would be eligible for a penalty payment from them.

HOWEVER - we have another clause 13.1 which says - "If the buyer shall have fulfilled all of the buyers obligations of payment and the seller is unable to deliver possession of the unit after one year from 22 Aug 2012 herinafter be referred as "possession date"......etc etc we will get 1% penalty. and if the delay is more than 18 months then we can get all our money back.

So sounds like the clause is exactly the same as yours but they just added 2 years on to the date?!

[ryattm]

UAEasy - could you do me a favour please and check your contract again? Does it give the date from which they will pay penalties 1 year from your completion date or have they added an extra 2 years on to your date as well? Thank you!

[UAEasy]

My contract says:

5. Title Possession and Risk
5.1 It is anticipated the unit wil be completed .......on or before 1st September 2009.
5.2 The date referred to at clause 5.1 date [sic] may be extended by the Seller, in its sole discretion, by up to 12 months to reflect any delay in respect to the building works

10. Default and Termination
If the buyer shall have fulfilled all of the Buyer's obligations of payment and the Seller is unable to deliver possession of the unit after 1 year from 1st September 2011 hereinafter be referred to as "possession date" .....then the Buyer will be entitled to compensations at a rate of 1% per month (for each month of default) subject to a maximum limit of 10% of the total amount received by the Seller

Seem pretty ambiguous to me. Also seems they gave themselves THREE years grace period after expected completion.

[ryattm]

Exactly, so in they say they have up to an extra 12 months from Completion date and then in 13.1 they say that they have an extra 12 months from x date (which is completion date + an extra 2 years). Very sneaky - and nothing we can do cos its in the contract.

[ryattm]

Sorry, meant to day - thanks for checking UAEasy

[UAEasy]

You're welcome

[kakihot]

http://rakproperties.net/updates/201...ex_Bldg12.html

[RAK....]

Hi All
Does anyone by any chance have any upto date pictures of building 2 and surrounding areas? I am asking RAK Properties for an update on this but not getting much luck.

regds

[kakihot]

@RAK

At this Moment they just issue pic of Block 5 ~16 not others coz other blocks handover already !

are you an owner of B2 ?

[kakihot]

@RAK

At this Moment they just issue pic of Block 5 ~16 not others coz other blocks handover already !

are you an owner of B2 ?

[UAEasy]

Building 2 - one of the white ones next to the bridge? Will get pics front and back tomorrow.

[UAEasy]

I believe this is building 2 (RH002)

From the front:


Area in front of the building (surface car park?):


From the water-side:


From the corniche. I REALLY hope railings will appear along the water's edge:

[kakihot]

Thank you so much dear UAEASY

You always help and this mean we have to always thanks

[Easyaussie]

So I am back in Australia and want to mortage my one bed at min al Arab so am looking for finance in UAE but hsbc and rakbank won't help!! Any ideas or does someone want to buy one bedroom for 380k?

[kakihot]

you are an owner of which building ???