New provisions for off-plan properties’ contracts to be introduced shortly in Dubai
Modified Article 11 of Law No 13 will be released by the Dubai Land Department in the next two weeks, introducing new provisions for the cancellation of contracts, a top government official said.
Dubai Land Department's Director-General, Sultan Butti bin Mejren said: ''We will release an amendment to Article 11 in the coming two weeks. It is something good for the market as it is more comprehensive and detailed.''
The much-anticipated amendment to the Real Estate Regulatory Agency's (Rera) Article 11, Law 13, has caused some confusion in the industry. The article states that if a buyer defaults on a sales contract, after a 30-day notice period the developer may cancel the contract and return the buyer's money minus 30%.
