Real estate defaulters targeted by new law
ArabianBusiness.com - Dubai, Umm al Qaiwain, United Arab Emirates
New rules announced by the Dubai Land Department will force property buyers who breach contracts or default on payments to forfeit 30 per cent of the sale price to the developer. The developer may also delay any payment until the property is resold to another buyer, the Land Department said in a statement. The new rules, effective immediately, apply only to new contracts. ...
ArabianBusiness.com - Dubai, Umm al Qaiwain, United Arab Emirates
New rules announced by the Dubai Land Department will force property buyers who breach contracts or default on payments to forfeit 30 per cent of the sale price to the developer. The developer may also delay any payment until the property is resold to another buyer, the Land Department said in a statement. The new rules, effective immediately, apply only to new contracts. ...
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