Q: Refund from Escrow Account I have purchased a unit from Danube Properties. According to them, the project handover will be in 2024 or 2025. Due to some unexpected financial crisis, I can’t pay the instalments, due to which I have some penalty amount as well. My question is if I cancel the unit, will I get the refund of my monthly payments since the account to which I am transferring the amount is an escrow account, not the direct Danube account? Thanks

Q: I booked an off-plan studio in R.E.P. DIP. The developer posts to me the contract to sign. I signed the contract and posted it back to their address. The texture property In Dubai has been dealing and I transferred 10% to reserve the unit in June 2015. I have paid over 30% until the end of Dec 2016. I stopped paying the rest of instalments because after viewing 0% construction report through DLD website and neither developer has provided me Oqood. There is still no construction as per the DLD report for project number 1514. I am considering to get a refund. The total price of the studio is AED 330000. 10% at the outset, 36 equal instalments during construction, 20% on handover and 18 equal instalments after the handover. I have paid 10% and 18 equal instalments out of 36 during the construction as per contract. Total AED 109,973.94 paid: AED 109,973.00 What are the possibilities to get a refund from the developer? How much would it cost?

Q: Dear Sirs, Ramadan Mubarak to you. I am writing to inquire about the following. I bought an apartment in Dubai in 2016. The handover was to be in 2020 but the project is still not completed. I paid the first 5 installments but then I had a financial problem so I could not pay in 2018 and 2019 installments totaling AED 140,000. Finally, I just paid it and now got up to date, however, they have now sent me a bill for AED 700,000 late payment fees. The property itself is valued at 1.2M. What can be done about this? I am getting ill from the stress. Thank you

Q: Hi, I purchased an apartment in 2018 which was ready or completed property. I paid the down payment, then after Corona, I was not able to pay the installments. Can I get my down payment back? Or they will take it? And if yes, will they, by the court, force me to pay the full amount of the apartment and go to jail?

Q: Defaulting on property installments and refund from the developer I have purchased a unit from a developer. According to them, the project handover was meant to be December 2019 but did not complete until mid-year 2020. Due to the issue with the developer's payment platform from Nigeria being blocked by a firewall and some unexpected banking/financial regulations in Nigeria limiting the amount of foreign dollar transactions for the month, I can’t continue to pay the installments, due to which I have some penalty amount as well. I received a letter from the land department (Oqood) requesting the termination of my unit. My question is if my unit is terminated, will I get the refund of my monthly payments. On the document sent to me, It is stated that. Paid amount: AED 154,260,000 Claimed amount: AED 189, 540,000 Thanks

س: لقد اشتريت فلتين وشقة من مطور عقاري ولم أسدد أي قسط بعد شرائي الأول وجهّزت الفلة الأولى ولم أستلم واليوم علمت أن دائرة الأراضي في دبي شطبت اسمي. هل أسترد أموالي؟ شكرًا!

س: السلام عليكم، تأخّر المطور في تشغيل المشروع الفندقي. بعد مرور ٣ سنوات من استكمال البناء ولأنني أحد الملاك، فقد دفعت أكثر من ٩٠% من قيمة الوحدة وتم تسجيل الوحدة في دائرة الأراضي والأملاك. الآن بحسب الزيارة الميدانية فإن المشروع غير مؤهّل لأن يعمل حتى هذا العام ٢٠٢٣. هل يحق لي المطالبة باسترداد الأموال المدفوعة؟

Q: Hi, Can a property developer legally charge their customer late payment fees on installments or include such charges in their sales and purchase agreements (SPAs)?

As the world is currently experiencing a major lockdown and suspension of almost all commercial and civil operations, the question arises in the novelty of Coronavirus outbreak on how serious it is to be dealt with as a Force Majeure.

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.

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 Resolution approves the Implementing Bylaw of Law No. (13) of 2008 Regulating the Interim Property Register in the Emirate of Dubai.

This Law applies to developers who sell units off-plan in real estate development projects in the Emirate of Dubai and who should receive payments from purchasers or financiers towards such real property units to the special escrow accounts.