Q: We wanted to buy an off-plan property. The developer ran away for financial reasons and RERA took over. We only signed the booking form. Can we just move on and look at other properties… A: This doesn't make you obliged. You have not signed any SPA, you can go ahead and book another property…

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Is the buyer obliged to buy an off-plan property upon sign the booking form?

Hello,

We wanted to buy an off-plan property. Unfortunately, the CEO of the developer ran away for financial reasons and RERA took over.

We only signed the booking form but none of our money has been taken. The SPA was also never signed.

Can we just move on and look at other properties or can RERA ask us to pay the amounts if they decide to choose another developer to finish the project?

Thank you for your help.

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Shamsa Albedwawi

Shamsa Albedwawi Advocates & Legal Consultants

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26 Oct 2021, 10:29

What I can infer from your query is that you have signed the booking form, however, you have not paid any amount at the signing of the booking form.

This doesn't make you obliged to buy the property unless you have signed the SPA.

Since you have not signed any SPA, you can go ahead and book another property.

26 Oct 2021, 12:43

Thank you so much!

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Is the buyer obliged to buy an off-plan property upon sign the booking form?