Latest draft of Law gives investors the right to annul their contracts and retrieve their deposits
The Dubai Land Department (DLD) has said the latest draft of the Real Estate Investor Protection Law gives real estate investors the right to annul their contracts and retrieve their deposits when developers violate the terms and conditions.
The law, which is expected to be issued soon by the department, aims to protect investors from delays in the handing over of projects or unilateral changes in specifications of the properties, said DLD director, Sultan Butti Bin Mujren.
It will also offer investors recourse in case of defects in the property when it is delivered and undocumented claims and charges from developers, among other provisions, he said.
The department is also considering the introduction of a standard template for a sales and purchase agreement, which all developers will be required to use and includes the details of developers, investors and the property, as well as penalties on both sides for breaches of their obligations.