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Getting a deposit or compensation if the buyer backs out after signing the MOU

Hello,

A buyer of my property has refused to proceed after signing the MOU. Form F indicates the penalty type as "NO."

Am I entitled to a deposit cheque or compensation?

I have already rejected other buyers and came to Dubai for the deal, but the buyer is not answering the phone.

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Mohamed Bakheet Advocates & Legal Consultants
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24 Dec 2023, 18:01

Yes, ask the buyer for a guarantee check.

Laila Hamza Al Mulla Advocates and Legal Consultants
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25 Dec 2023, 05:09

Yes, it will be according to the clauses mentioned in the MOU.

But normally, if the buyer cancels the transaction, the seller has the right to retain the amount of the cheque deposited by the buyer.

To advise you of all the possibilities, we have to review the document. After that, we will arrange a legal consultation session for a charge.

Share your WhatsApp number if you want to go with the services.

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Shamsa Albedwawi Advocates & Legal Consultants
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25 Dec 2023, 05:29

Hi,

According to your query, you will have to check the clauses of the MOU if there is any clause that provides a remedy in case of a breach of the MOU.

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Maryam Alyassi Advocates and Legal Consultants
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25 Dec 2023, 05:53

Hello,

As per your query, please note that if the buyer has refused to proceed, you can deposit the cheque and claim compensation.

Please email us the MOU, the termination by the buyer, and the payment details, or call us.

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KHE Legal Consultancy
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25 Dec 2023, 06:41

Dear Questioner

In such circumstances, you can retain the security deposit if the buyer refuses to proceed with the sale.

In certain conditions, you can also claim compensation. However, it would be advisable to review the MOU for further clarification.

If you need our assistance in your matter, please provide your WhatsApp number.

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Dar Al Haqooq Legal Consultancy
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25 Dec 2023, 12:19

Dear Client,

Thanks for your question, I hope you are doing well. I will definitely assist you in this matter.

Your entitlement to a deposit or compensation depends on the terms specified in the MOU (Memorandum of Understanding) you signed with the buyer. Review the MOU for any clauses related to these matters.

For any further legal assistance, you can WhatsApp us. We have an extensive team of knowledgeable and experienced lawyers to provide the legal assistance you need.

We will definitely be happy to help you.

Thanks & Regards

ABDUL WAHIED

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