Q: I have a contract with a developer for two properties. Since Coronavirus periods started, I was not able to pay the quarterly instalments. I want to cancel the contract and get refunded… A: Sale and Purchase Agreement is the primary document that governs the rights and liabilities of the parties…

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What to do in case of defaulting on property SPA obligations due to COVID-19?

Hi,

I have a contract with a developer for two properties. But since Coronavirus periods started, I was not able to pay the quarterly instalments.

There are some penalties as per the agreement too on defaulted payments. Now if I want to cancel the contract and get refunded, how much should I expect?

And also, if I cancel only one contract and the payment on it as it is could be transferred to the other contract to continue with that.

Rajasree Ravivarma

Hussain Lootah & Associates

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17 Mar 2021, 09:54

Dear Questioner,

Thanks for contacting me. I understand your concern.

The Sale and Purchase Agreement is the primary document that governs the rights and liabilities of the parties.

Without reviewing the SPA, I will not be able to give accurate guidance. Please send it for my review.

Regards,

Rajasree Ravivarma

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What to do in case of defaulting on property SPA obligations due to COVID-19?