ADCB now withholding further payments awaiting SPA
I just received an email from ADCB saying they are now withholding further mortgage payments pending receiving the Sales and Purchase Agreement between the purchaser and Hydra. This will get interesting; purchasers are demanding significant amendments to the SPA, Hydra insists purchasers MUST sign the SPA within 30 days of being advised it is available else they will charge 500AED a day penalty (yes folks, that's 150% per annum penalty interest).
Mmm..interesting times ahead. I like many others have not even been contacted by Hydra about the contract. What a bunch of clowns this company is.