Land department update on law 11

[talk]

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.

 

[TommyC]

What!?!?!?!?

 

[nosstrand]

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.

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?

 

[MMSM]

its 30% of contract value and not amount paid.

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