Questions & Answers
How to deal with late payment penalties of purchased property installments?
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
Dear Questioner,
We understand your situation, and there are certain legal ways to file a certain application and get relief.
After filing the application, we can move to solve your problem.
Further, we need to review the terms of the Sale and Purchase Agreement to give you appropriate legal advice.
Please send us a copy of the Sale and Purchase Agreement at our email so that we can review the same and guide you with the next steps.
Thanks
