Investors against interpretation of law no 13

[TommyC]

Here's why the gov. was obliged to do so:
1-The gov. itself is the biggest developer so it wont harm itself.
2-The original law was issued for some cases but after the crisis and the no-sales situation most of the investors looked at the 70-30 law as an exit.
3-During this liquidity cruch the gov. wont let more cash to be out of the country.
I am not defending the gov. as myself have a lot of money stucked.

So, what about postponing, by law, all cancellations that are coming in masses for developers trying to save themselves? Just freeze the entire situation until everything is back on track!?

 

[tkk]

Sounds good..........if that IS their only option

Remember if don’t let the capital move freely in and out this place will be desert in 2 years time
They have no option but to pay the people and start again

 

[therealdubai]

Pausing the whole situation is a good idea cause I don't think that the law 13 amendment is going to force people to pay, as for me I won't pay a penny even if I will lose all my deposits as I have no more trust.

 

[TommyC]

Pausing the whole situation is a good idea cause I don't think that the law 13 amendment is going to force people to pay, as for me I won't pay a penny even if I will lose all my deposits as I have no more trust.

It's a mess, that's for sure, I got to learn firsthand today about my developers view on troubled investors without mortgage: "Bye bye and thanks for the money!"

Spread the word about investorslaw13 @ hotmail . com (remove blanks) as much as you all can! And be sure to sign up, there is substantial action in progress and we need all the people we can get! If we are to stand up for our rights, we have to do it now...my cancellation-date is getting closer as well as many many others. And with no funds in sight, no one willing to give any mortgage there is no one but ourselves to rely on, we will do it!

 

[Datum1m]

Hi Nigel

I bought my villa in Sienna Lakes JGE. The developer is Tulip BD. Thanks

Regards

Kieran

Hi Kieran,


Found the thread, Olive Point, is the Development I was telling you about, which I believe is by the same developer. So I can let you have my Solicitors email address if interested.

Best Regards

Nigel

 

[TommyC]

85% believe real estate sector woes will get worse - Real Estate - ArabianBusiness.com

What we all are experiencing in a our offplan projects right now is the developers trying to get rid of as many as possible before cancellation. Question is what will happen if a few or many stay in the projects.

 

[TommyC]

Law 13 roumours...

Rumours about further changes in Law 13: Claim to refund: 70 pc of 'monies paid' or 'contract value'?

If it's true, there might be more room than we think for furhter dialouges on this matter, and it also makes it more urgent than ever to get together, I remind all to spread the word! This might really be the time, not acting at all isn't really an option unless you feel that you'd happliy give away your money to developers using it for buying own land and marketing themselves.

 

[sasherwani2]

we guys to create a huge group and go to the developers and then to RERA with our petition. Its time guys. Eid will slow everything down next month. We need to act.

 

[doreal2]

we guys to create a huge group and go to the developers and then to RERA with our petition. Its time guys. Eid will slow everything down next month. We need to act.

I tottaly agree

 

[TommyC]

There is a initative going, please send an email to investorslaw13 @ hotmail.com to show your interest, be sure to include some brief details about money invested and what project they've been invested in. Somewhere around 80 people have currently showed their interest in protecting themselves. The more we are the more we can do.

The insights I've had only during the last couple of days of the Dubai property market is frigthening, there is an urgent need for sound regulations which protects developers and investor in an equal way. A way that promotes finding solutions instead of favourism and short-term solutions. There is a lot to be said to developers and regulators.

It's a step in the right direction anyway to get together and express the frustration that currently exists in the market among investors.

And I urge everyone to get together here so we can gain the necessary momentum, spread the word to everyone you know!

 

[Kieran Ryan]

Olive Point

Hi Kieran,


Found the thread, Olive Point, is the Development I was telling you about, which I believe is by the same developer. So I can let you have my Solicitors email address if interested.

Best Regards

Nigel

Hi Nigel

That would be great if you can forward your solicitors email address. Thanks

Regards

Kieran

 

[propertyconsultant]

Dubai property crisis

hello

I heard that the banks are not lending money anymore to anyone in the real estate business. is that true? what do you think?

property consultant
dubaipropertycrisisdotblogspotdotcom

 

[TommyC]

hello

I heard that the banks are not lending money anymore to anyone in the real estate business. is that true? what do you think?

property consultant
dubaipropertycrisisdotblogspotdotcom

I think this makes it even more obvious that all cancellations should be put on hold until the situation improves or there is a solution for the problem investors vs developers interests. In this mess, developers can freely halt everything they got going while investors can't as they have to pay or definately and unchallenged lose all they've paid.

EDIT:

I've start finding things that indicate the reason for banks not giving mortgages is the insecurity about the state of the government finances overall. Also, since this correction or rather crash, has made a alot of projects unsellable the mortgage shortage is a gift to those developers, since even less of the few that bought into their projects will find it even harder to get financing and therefor in bigger risk (or chance if you're a developer) of cancellation.

Immediate action is needed to halt all cancellations!

 

[TommyC]

Law 13 - Contract legality question

I've been studying Law 13 a bit to see if there is anything in it that can be used against a developer stressing their cancellations. Looking at the following:

Article (3)
1. The Interim Real Estate Register is used to record all disposals of Real Estate
Units off plan. Any sale or other disposition that transfers or restricts title or
any ancillary rights shall be void if not recorded on that Register.
2. Any developer who made a sale or other disposition that transferred or
restricted title prior to the coming into force of this Law should approach the
Department to get it registered in the Real Estate Register or the Interim Real
Estate Register, as applicable, within 60 days after the date on which this Law
came into force.

I have only a reservation form for my offplan apartments, is this one of the kind of sales this article refers to? If it is, what if my reservation form, which would be a form a contract, is not registered? Is it void then, and there's no agreement, and the developer therefor have no right to retain my money?

Article (4)
No Master Developer or Sub-Developer shall commence a project or sell its units
off plan before taking possession of the land on which the project is to be built
and obtaining the necessary approvals from the Competent Authorities in the
Emirate.
In all cases, the Department shall indicate in the relevant folio of the register that
the Real Estate is under development.[/I]

As far as I know, the plot haven't been handed over from the master developer to the developer yet, are the sales that took place earlier illegal?

Looking into everything, nothing not worth trying!

 

[therealdubai]

I have the same situation, offplan property with reservation form only and still months to start construction as the master did not handed the plots yet. Any idea??

 

[mohammedno11]

Please join up the group as we will take care of all these topics.

Already until 7pm we have 108 members, and we are preparing a lot of good
actions like:

1. General and Official meeting to discuss the current matters
2. Set up an google group to spread informations fast
3. Prepare a petition which will be submitted to the Land Department
4. Fax complaint

and much more

Please send an email to investorslaw13 @ hotmail . com (remove the blanks) and
sign up with us !

Lets join our forces !!!!

Dubai Property Investors

 

[TommyC]

I have the same situation, offplan property with reservation form only and still months to start construction as the master did not handed the plots yet. Any idea??

I have no idea to be honest... Let's see if we can find escrow_officer for some sort of info!

 

[therealdubai]

If it will reach the point or pay or lose deposits, what most will do?

 

[TommyC]

In my case, I don't have a choice....no mortgage available, my papers have been in for 2+ months, so the only choice I have is what choice the developer makes. That's one of the reasons I've proposed a point in our joint effort to in the short-term freeze all cancellations until situation improves on financing, or refund. That would be fair game, currently can't do anything except bringing more people to join up and make sure we make progress, which we really have done! Thanks all who sent an email to join in our try to make a change!

 

[mohammedno11]

NEWSPAPER TODAY !

On a night like this: The biggest party ever
Industry leaders and A-list celebrities join Kylie Minogue for the grand opening of Atlantis The Palm.

I am so happy that we dont have any other problems !
Btw. lets say: the show is over !