Unfinished Real Estate Projects – Onsite Experts
superior recovery claims!
We at Freehold Solutions DMCC provide our distressed projects clients with cost-effective strategies and representation to protect their rights and maximize the recovery of their investment.
Freehold Solutions DMCC has been successfully assisting its valued clients with its investment recovery services. The severity and status of each distressed real estate project vary greatly by size, locality and community. We use rich, detailed, and timely data to identify projects and communities most likely to respond to particular interventions.
Why a Project Becomes Distressed
Many times, real estate projects become distressed due to the project developer facing operational and financial difficulties. Often these lead to cancelled and liquidated real estate projects. Depending on the status, these can become distressed, stalled, or cancelled projects all around Dubai.
There are various factors that lead to the assets becoming distressed. A project developer’s skill in planning and executing the project happens to often be the main reason. There are various other factors associated with distressed projects as well.
Real Estate Investment Recovery
making the right connections!
Freehold Solutions DMCC has been successfully assisting its valued clients with its investment recovery services in a professional and organized way. We require our clients to sign the investment recovery services agreement and execute a power of attorney. Then they leave all the hard work to us. Our services include:
Collection and Review of Client Documents.
Our document review team will be in touch with the client and request all documents pertaining to their unit(s) such as reservation forms, sale and purchase agreements, receipts, payment advises, correspondences, and other relevant documents. The document review team will create a casefile for the distressed projects client and a case number will be shared with the client.
Documents Translation to Arabic Language.
It is necessary for any authority, and especially for Dubai Courts, that clients submit all document in Arabic or legally translated to the Arabic language. Our document review team will translate all documents sent by the distressed, stalled, or cancelled projects client to the Arabic language. Depending on the project, we could initially bear the translation expenses in order to ease client expenditures on the case.
Engagement of an Accredited Law Firm.
We will source and engage on our client’s behalf a law firm dedicated to his or her case. The law firm will represent the client legally before all government authorities and Dubai Courts. Since we have a strong partnership with Mohamed Alazazi Advocates & Legal Consultants, we will be appointing them on behalf of our clients barring exigent circumstances. Depending on the project we could bear the law firm fees.
Development of a Legal Strategy.
In association with our legal partners, Mohamed Alazazi Advocates & Legal Consultants, our experts review the documentation relating to the purchase of the unit and real estate development. These include the sale and purchase agreement, receipts for the payment, and other related corroborative evidence. Based upon this initial review, we engage with our legal and business partner to develop a legal strategy for the recovery of the payment through relevant forums and entities.
Implementation the Legal Strategy.
We will initiate the legal strategy with our business partners, Mohamed Alazazi Advocates & Legal Consultants, and Smart Real Estate LLC, including taking all necessary formal steps through the Real Estate Regulatory Authority (RERA), the Dubai Land Department (DLD), the Dubai Courts and its constituent committees for seeking recovery of as much payment as possible.
Fees and out of pocket expenses.
Depending on the distressed project, we may not require any upfront fee or out of pocket expenses. Instead, we will charge a reasonable success fee for our investment recovery services while maintaining an open channel of communication with our valued clients. In the event, there are no funds obtained; no success fees will be required from our clients.
Transfer of recovered amounts.
Once we succeed in recovering full or partial of the clients’ payment, we will transfer the recovered amount minus our success fees to our client’s chosen bank account. The client won’t have to take a flight to Dubai and pay travel expenses to collect his funds, and we will save the client the trouble plus the associated cost. We initiate operational and financial due diligence on behalf of our valued client for future investment plans as well.