Q: I have a property in Dubai for which we entered into a contract and signed Form F at the decided rate. The agreement was subject to getting pre-approval. We want to cancel the contract but the buyer is not canceling… A: It's valid until January 30, after which it ends and its effect ends…

Dubai, UAE

237

Can the buyer prevent the seller from selling his property if he could not get a loan?

Hi,

I have a property in Dubai for which we entered into a contract and signed Form F at the decided rate. The agreement was subject to getting pre-approval.

We have waited for two months now, the buyer is unable to obtain the loan from the bank. The last date of the contract is also over.

We want to cancel the contract, but the buyer is not canceling and says that he will wait for some more time to see if he can get the loan.

What should we do?

Please help!

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Khaled Ebid

Laila Hamza Al Mulla Advocates and Legal Consultants

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1 Feb 2023, 11:51

How long is the agreed period to complete the purchase of the property?

1 Feb 2023, 11:54

First, the contract was done on 25 Nov till 25 Dec. Then again it was done on 10 Jan till 30 Jan 2023.

During both times, the buyer was not able to obtain the loan. Now we as sellers don't want to wait anymore, and we have requested the buyer to cancel and take his cheque back.

Whereas the buyer says he will not cancel form F from his side and will not let us sell our property to anyone else.

1 Feb 2023, 12:14

If you exceed the agreed period, you have the right to sell the property without refunding the security cheque.

1 Feb 2023, 12:33

Sir,

I don't want his cheque. My form F was until 30 Jan.

Can I now create a new form F without any worries about the old buyer?

My old buyer says he will not cancel the form F from his side and the contract will be valid and he will not let me sell my property to anyone else.

The buyer is messing with us.

1 Feb 2023, 12:36

Does form F remain valid even after crossing the deadline?

1 Feb 2023, 13:25