What exactly does default mean?

[Analyzer]

I'm a overseas based investor with several real-estate investments in Dubai.

The recession is leaving me short of 10% and 40% required for final payments on two Emaar products. Their customer care guys officially say I would loose everything I have invested if for whatever reason I cannot satisfy the final 10%, even if 90% paid.

I'm trying to source a copy of my contract which is held with an agent, but is it not the case even when a developer defaults it can only retain the first 30% if the payment?

Can someone please clarify or provide advice.

Many thanks in advance

 

[sasherwani2]

Default has a variable defination (In Dubai). It depends if you are a developer or an investor.

Default (for an investor) means he loses all his money. Any laws protecting a percentage of your investments will eventually be either scrapped or shall bend towards the developer's side.
Default (for a developer) means he is given a safe passage out of the country.