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Land department update on law 11

Discussion in 'Dubai property' started by talk, Nov 12, 2008.

  1. talk

    talk New Member

    Today's news states that developer can keep investors 30% if the investor decides to cancel contract.

    GULF NEWS....

    Good update on gulf news.Everybody read for themselves.Some investors will go completly mad.
  2. TommyC

    TommyC New Member

  3. nosstrand

    nosstrand New Member

    Here is the article:

    Gulfnews: Land Department says developers entitled to 30% of paid amount if buyer cancels contract

    But what does this mean?

    "The article no (11) will be effective immediately; contracts executed prior to the Law shall be subject to the terms of the contract entered by the developer and the purchaser, whereas the contracts executed after the enactment of the Law shall be subject to the rules of the Law"

    It says in the end of the article that they will start implement the law on the 12th of November. Does this mean that this don't apply to people who bought 1 month ago?
  4. MMSM

    MMSM New Member

    its 30% of contract value and not amount paid.

    unless you've paid over 30% payments, you lose everything you've paid so far
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