Questions & Answers
Termination for defaulting on the payments of a purchased apartment and claim of refund
Defaulting on property installments and refund from the developer
I have purchased a unit from a developer. According to them, the project handover was meant to be December 2019 but did not complete until mid-year 2020.
Due to the issue with the developer's payment platform from Nigeria being blocked by a firewall and some unexpected banking/financial regulations in Nigeria limiting the amount of foreign dollar transactions for the month, I can’t continue to pay the installments, due to which I have some penalty amount as well.
I received a letter from the land department (Oqood) requesting the termination of my unit.
My question is if my unit is terminated, will I get the refund of my monthly payments. On the document sent to me, It is stated that.
Paid amount: AED 154,260,000
Claimed amount: AED 189, 540,000
Thanks
Dear Questioner,
Yes, you have the right to refund ur money but as per the law, they will deduct from you almost 40%.
So you have to hire our law firm or any other one to work on the collection of your payment, which will need some legal procedures.
I am pleased to help you, contact me on the phone number or by email.
Thank you
Hi,
The project is completed and they have the right to take the termination process and keep up to 40% of the purchase price.
To avoid this, we heavily recommend either to settle, consolidate or re-sell to a third party, to delay the termination process.
Please contact me by phone or email.
