Questions & Answers
Terminating an SPA due to delaying the handover of an off-plan property
Hello,
I am wondering if someone can give me some insight on the following:
I purchased an off-plan property in 2017 with an anticipated completion date of Oct. 2018. As we stand today, it is not completed yet and showing 83% complete as per DLD.
I have paid 30% + 4% Oqood as per the payment plan so far.
At this point due to my financial constraints, I ideally would like to cancel and get my deposit back if that is an option.
Would appreciate it if any of you good people can give me some insight into my situation.
Thanks in advance!
Dear questioner,
Definitely, you can terminate the mutually signed SPA as the developer has defaulted on the basic duties by delaying the handover of the property.
We need to review the mutually signed SPA in order to assist you properly.
Kindly contact us directly for a detailed discussion.
If need be, kindly contact us via phone for a detailed discussion or write us an email for further assistance.
Dear questioner,
You did not take an action since the anticipated completion date and the project is progressing now, therefore, the developer shall complete the property during any legal action which will be taken and the court may consider that the developer acted in good faith since the project is close to completion.
Upon completion, the developer will be entitled to termination and retain all of the amount paid.
The best solution is to either mutually agree on the termination and refund or find a replacement purchaser even with a minor loss.
Kindly contact us via phone or email for further assistance.
Regards,
