Paying in $ for an apartment still under construction

[Murder he wrote]

$200 in fresh money = $200 x 7,500 L.L. = 1,500,000 L.L.
$200 in your local account = $200 x 3,900 L.L. = 780,000 L.L.

Doesn't it make more sent to use your fresh dollars? You can boost your purchasing power and still be able to save some of your money.

Not really because you cannot get your money from the banks and you never know if you will ever get them. However, every 2 months or so, I am buying a $2000 cheque for $760 in cash.

- $760 x 7500 = 5.7m
- $2000 x 3,900 = 7.8m

So saving your cash, getting cheques, withdrawing them at 3900 is much better. I don't see why you should spend your $ in your hands while keep your money at the bank, knowing that maybe in 3-5 years you might be able to get them again WITH Capital control (like $2000/month). Or whatever.

 

[dripstraws]

check your contract or better yet consult a lawyer

 

[baublebake]

check your contract or better yet consult a lawyer

The best thing to do as it's very stressful to deal with this kind of issue alone.

 

[Santos82]

Hello,

In mid-2018 I bought an apartment. The owner (his first project ever) told me in 1.8 months he will finish it. 2 years has passed and he is still working on it. The work is quite slow due to the shortage of $ and the crazy rates of $.

However, I paid him $40,000 at the beginning as a first payment and we agreed every month I give him $500. Lately, it started to be really difficult to buy $, I mean $500 is equal to almost 2,000,000 LBP with 1 day waiting in front of Serraf. That's my salary.

I asked him and he said he only accepts $. What can I do? I read the contract and it says I have to pay in USD, but never mentioned the type of payment (Cash, check, etc..). So can I pay him $500 by check every month? it will be almost $200 if he wants to cash it. It won't be fair to him. But forcing me to pay in $ it won't be fair as well. My apartment should cost 150,000,000 LBP, not 400,000,000 LBP.

Please advise me. It's my first apartment and I wish I never bought it. I just want to finish the payment and sell it and leave this country (I asked him to sell it, but he wants crazy rate and nobody basically wants to buy anything from him. He is living in lalalalalalalland).

Thanks!

What happened to your case?
Have you and the owner reach an agreement?
I have the same case... half cash half check.
I wish there was subsidies for Lebanese housing payment, at least to have fresh dollars art lower rate (not necessarily @1500 but for sure not @8400!!). We will stay ages paying our houses. That is very unfortunate!!! I wish the Lebanese authorities would feel with us.


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