الحق في الخروج من اتفاقية البيع والشراء في المشاريع المتأخرة

Dear Sir,

Many thanks for your enquiry, we appreciate your concerns.

All developers of property in Dubai give themselves a grace period of 12 - 18 months from the estimated completion date in the SPA, to hand over the completed properties to investors.

When the contractual grace period is exceeded, the developer will be bound to pay the contractual penalty as set out in the SPA, on the total monies received from the investor on a daily basis until actual handover.

Unfortunately, once the SPA is signed, it cannot be cancelled, investor monies tied up in escrow cannot be released to investors until project completion and until RERA certifies that the project is cancelled and investors are entitled to a refund.

We recommend you see a lawyer to enforce your rights to the penalty amounts owed to you. Should you require further assistance in that regard, please email us on info@aasolicitors-ae.com.