Q: Hi, I have a situation where I signed an MoU and gave my security deposit to the seller's agent. However later, the bank valuation of the property is lower than the selling price. On my MoU, it has a clause that “the buyer has a right to cancel/negotiate if the bank valuation is not the same as MoU.” I tried to negotiate, however, we didn't agree on the price so I asked to cancel. Now the agent is threatening me that they will not cancel the MoU and that will deposit my cheque. Later I also came to know that the person I am dealing with is not the same person whose name is mentioned as a broker in the MoU. The agent I am dealing with is constantly messaging me with threats. I decided not to speak to him and instead, I wrote an email to the broker whose name is mentioned on the MoU but received no response. I am on a very tight timeline as I need to vacate my apartment in 3 weeks, I found another unit but I don't know if I can pursue this while the initial MoU still not canceled. Please, I need advice.

Q: Hello, Legal Advice Middle East I am writing to seek your advice on my ongoing process of buying an apartment in Dubai Marina. I have signed an MoU with the seller, it is valid until 21 May 2024. I have done the valuation process but the result was not reaching the selling price at all so I couldn't proceed with the mortgage. In good faith, I was seeking another way and was willing to conduct a 2nd valuation and pay for it again, and still, the result came out unfavorably again for the 2nd valuation. This means I cannot get the mortgage from the bank at 80% of what I am hoping for. Therefore, I would like to ask the seller to either sell the apartment to me at the valued rate or cancel the MoU altogether and not proceed with the sale. My questions: Can I just wait for the MoU to expire on 21 May without doing anything? Would this cancel the MoU automatically if it's reached expiration? Can the seller sue me and get the 10% deposit cheque amount? What would you suggest I do in this case?

س: مرحبًا، ماذا لو تراجع المشتري عن شراء عقار بعد توقيع مذكرة التفاهم الداخلية التي صاغها البائع؟ كان هناك بند ينص على أنه سيتم إرجاع مبلغ التأمين عند السداد الكامل. النموذج F من دائرة الأراضي والأملاك لم يتم التوقيع عليه بعد. في هذه الحالة، هل لا يزال بإمكاننا الحصول على مبلغ التأمين البالغ 10% أم لا؟

This Bylaw regulates the Real Estate Brokers Register in the Emirate of Dubai. No person may engage in real estate brokerage activities in Dubai unless he is licensed by the competent entities and entered in the register, which is maintained by Dubai Land Department.

The provisions of this law, promulgating UAE Civil Code, govern the civil transactions in the United Arab Emirates. The commercial transactions remain subject to the laws and regulations applicable in their regard.

The provisions of this Law supersede articles (2) and (11) of Law No. (13) of 2008 Regulating the Interim Property Register in the Emirate of Dubai.

This Law establishes interim property register in which sale contracts, off-plan sales, and other off-plan legal dispositions of real property are registered prior to inclusion in the property register maintained by Dubai Land Department.