Questions & Answers
How to cancel SPA and recover money upon off-plan property blockage?
Hi All,
I am a foreign investor from the USA who invested in an off-plan property in Dubai. I have already paid 60% of the property value. The property has been under development since 2020.
Recently, I noticed that the property status is blocked and the project status is under cancellation on the DLD website. I have been trying to get updates from the developer, but I have not been successful.
I want to cancel the SPA and recover all of the money that I have paid.
Please guide me on how to do this!
Hi sir,
Two options can be done for you:
1) A lawyer can serve a legal notice and follow up with the other party to settle the matter.
2) You can consult a lawyer and file a case in the court of the relevant jurisdiction.
Dear Questioner,
If the property is blocked and the project is under cancellation, you have the right to cancel the SPA and get your money back, as well as compensation and legal interest of 12% from the date of signing the SPA.
For more information, please contact me.
Dear Questioner,
Hire a lawyer. The lawyer sends a notice to the company/developer to hand over the property.
After two weeks of warning, he files a lawsuit against the company/developer in the Real Estate Court, to demand:
- Refund of all the amounts you paid.
- Compensation.
