Contract help needed!!!

[Zahid]

Hi, i have bought an apartment in Emirates City and have contacted the developer to cancel the contract. they are saying because of the current climate they cannot cancel it. they said they would not be able to sell it on. i desperately need the money back and am really stuck!

can anyone help with this matter?

 

[financier888]

Hi, i have bought an apartment in Emirates City and have contacted the developer to cancel the contract. they are saying because of the current climate they cannot cancel it. they said they would not be able to sell it on. i desperately need the money back and am really stuck!

can anyone help with this matter?

You need to check the language in your contract that pertains to 'Cancellation' - then follow what is outlined under this provision. (without seeing it I can't comment further) When Ajman gets their version of RERA in place, we'll see what levels of additional recourse /investor protection there is. If the developer is not in a position to refund you any or all of your payment, and there are no buyers in the market.. you must sit and wait. There are other posts on the Ajman threads here where a member is stating that there are many buyers, insitituional sales etc - not sure if that is for real or he's a broker - but you might try to resell your self

good luck

 

[verity]

You need to check the language in your contract that pertains to 'Cancellation' - then follow what is outlined under this provision. (without seeing it I can't comment further) When Ajman gets their version of RERA in place, we'll see what levels of additional recourse /investor protection there is. If the developer is not in a position to refund you any or all of your payment, and there are no buyers in the market.. you must sit and wait. There are other posts on the Ajman threads here where a member is stating that there are many buyers, insitituional sales etc - not sure if that is for real or he's a broker - but you might try to resell your self

good luck

Hi Zahid
which project and developer you want to cancel or sell ?
how much have you paid to date ?

 

[verity]

Hi, i have bought an apartment in Emirates City and have contacted the developer to cancel the contract. they are saying because of the current climate they cannot cancel it. they said they would not be able to sell it on. i desperately need the money back and am really stuck!

can anyone help with this matter?

Hi Zahid
Which project, which developer are you trying to cancel or sell ?
How much was paid to date ( in %)

 

[shazy]

I'm sure if you do read the contract you can't cancel without losing alot of what you paid! thats my experience my developer cancelled and my agent took over half the refund!!!

 

[Zahid]

hi, if you could provide me with your email or pm me, i will email the contract i have to you and then i can also show you the contract point the developer is using to not cancel the contract.
thanks. hope that is ok.