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Managers cheques

agskidmo

Pulling my hair out :( how do buyers pay for property in bahrain by "managers cheque" if you are not yet a resident with a bank account in bahrain 1f600.svg1f600.svg1f600.svg1f600.svg1f600.svg


Its a bit chicken and egg!!


No bank or anyone outside bahrain has ever heard of a "managers cheque", only local banks can raise one but you cant open a local account without a cpr,  how can you buy your property 🤔 as a non resident?


Chicken and egg scenario!


Thabnks for any help!

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XTang

Well, first of all, manager's cheque is a common phenomenon worldwide so your assumption here is wrong.  I have used it in many countries.  It is referred to as certified cheque / Banker's cheque / Pay order etc in other jurisdictions.


Having said that, there are few options:


1) Get an instrument issued (whatever it's called in your country), which is payable in BHD (your bank will associate with a local bank to ensure that payment)

2) Get a lawyer or an escrow mechanism in which, you pay the escrow provider and they pay the seller once the deal is done

3) Buy ready property directly from a reputed developer and then they will transfer the title deed to you

hakkab

Hello everyone. As far as I am concerned, it was the real estate agency that wrote the cheque. I had to pay them the deposit, then after the security check I transferred the rest, they then wrote the cheque for the transaction. So you have to be sure of your agency