Questions & Answers
Recovering all payments after delaying property delivery twice
Dears,
I've purchased an off-plan property in Dubai in 2016 which was due for handover in Dec 2017 but still incomplete (approx. 80%).
70% has been paid from a purchase price of 1.35 million. By contract, I am entitled to 8% compensation from the amount already paid since the end of 2018 (sunset).
Early this year, I signed an amendment with updated payment terms with new sunset at the end of 2020. As of January 1st, am I entitled to cancel the purchase in its entirety and recover all payments done?
Thanks and regards,
Dear questioner,
As the developer has defaulted on his basic duties by delaying the handover of the property, therefore, you have a right to terminate the mutually signed SPA and ask for a full refund of your investment along with compensation for the said delay.
Kindly contact us directly for a detailed discussion.
If need be, kindly contact us via phone or email for further assistance.
Dear Client,
Good day!
Yes, you have the right to terminate, get a full refund and compensation thereof.
We can file a case to terminate the contract but we need to review the SPA to advise you clearly.
You have the right to terminate and get a full refund plus 9-12% interest plus official fees plus cost.
For further assistance, please feel free to contact us via phone or email.
Thank you!
