New law promises property refunds in Dubai 9583 10165 PakRealEstateTimes.Com

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New law promises property refunds in Dubai

01-26-2010, 06:22 PM

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LRE

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New law promises property refunds in Dubai

New law promises property refunds in Dubai

Details of the new protection for homebuyers came in a newsletter from leading legal firm Al Tamimi and Co

Dubai: Dubai is considering a new property draft law which would enable property buyers to cancel their contract and claim a refund if the project is ‘unfeasible’.

Details of the new protection for homebuyers came in a newsletter from leading legal firm Al Tamimi and Co which says the new law will spell out ground rules for cancellations, most notably if a developer refuses to link payments to stages to construction or if the developer makes major specification changes.

The law also deals with the issue of refunds or replacement properties in case of defects in the property and financial penalty for major delays in delivery.

http://gulfnews.com/business/property/ne...i-1.573307

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