Questions & Answers
Time frame needed for the cancellation of purchased property and refund
Salam.
My developer has agreed to give me a refund after AED 50000 deduction. But my concern is that they say it might take a long time. They wrote we shall issue a cancellation agreement which needs to be executed by both parties.
On submission of the documents and RERA approvals on the cancellation and refund from the escrow account, the fund will be released and your name will be de-registered against the unit in Dubai Land Department.
The above process can take anywhere between 1-3 months in normal times which we are hoping to still be able to do that now but may expect delays up to 3-6 months due to COVID-19. Can you please confirm if this is the case?
Deduction of the amount is certain, based on the condition of the sale and purchase agreement, by deducting a specific amount from your unwillingness to complete the transaction, that the deduction of this amount was in implementation of the terms of the agreement in the event of cancellation.
Thank you
