Questions & Answers
Rescheduling payments or termination and refund of a delayed property
Hello!
I was recently made redundant by my employer and currently have no income. My residence visa expires in August. I've bought 2 off-plan properties that I'm unable to pay off.
The handover is due this autumn. I've contacted the developers requesting either the cancellation of the SPAs or the restructuring of the payment plans. Both options have been rejected.
I would like to be advised on what options and next steps I should be looking into.
Thank you!
I.
Hi
I understood that you are not willing to continue paying the remaining instalments due to your loss of the job.
However, you must know that the Law No. 9 of 2009 introduces a new method for calculating how much a developer can retain under Article 11(2) if a purchaser defaults in his obligations under a contract for the sale and purchase of a real estate unit.
Under the amended Article 11(2), the amount which a developer can retain if a purchaser does not remedy his breach within the 30-day notice period given by the Land Department under Article 11(1) depends on how much of the development has been constructed.
Hope the above is sufficient for your purposes, however, if you need any further assistance, please feel free to reach us on the phone or email.
