Hi,
I've bought a studio in GCV2. Haven't signed the contract yet. Have you? If you haven't, beware of the Initial Corpus Fund clause (8.3 I think), it's a killer! Included to cover the cost of a prize offered by the developer in a Gulf News subscription raffle!

hi,

No I haven’t signed the contract either but I only purchased a few weeks ago. So what is this Initial Corpus Fund, I guess that’s why I got it really cheap (£51000 on the 12th floor!). I suppose if it's in the contract we don’t have a choice and have to pay up!

Hi,
I went to their office to ask them to justify the 20,000AED extra I suddenly have to pay on handover as a result of the new clause. They hadn't even prepared a bullshit answer and just fobbed me off with maintenance and emergency nonsense.
They also told me that owners without the clause will receive a letter one month prior to handover asking for the same amount, 50AED per sq/f. Welcome to the wild west where contracts are meaningless.
The whole thing has made me decide to get rid of it before handover, shame really, I was looking forward to keeping it.
So what did you buy? Studio or 1 bedroom, square footage?