Managers Cheque

A managers cheque is a bank-issued payment instrument that guarantees the full value stated on the cheque. Unlike a personal cheque, it is drawn from the bank and is considered a secure and guaranteed form of payment.

In UAE mortgage and property transactions, clients are usually required to prepare managers cheques for the down payment, as well as any other required payments such as DLD fees. The client can visit the bank where the funds are available, fill out the required managers cheque request form, and request the bank to issue the cheques.

The process may differ from bank to bank. Some branches may not be able to handle large value property transactions, so it is always best to call the bank or branch in advance before visiting.

A small bank charge is usually applied for issuing each managers cheque. Managers cheques are also time-sensitive documents, so clients should ensure they are prepared close to the transfer date.