However, since losing your employment is not regarded as a force majeure, you will be responsible for terminating the purchase agreement in front of the court. Depending on the percentage of the real estate project that has been completed, a person may lose all or part of the money they paid, barring a violation by the developer. You should refer to the termination and compensation clauses in your contract, which are typically included in all contracts.
What law says?
In accordance with Article 11 of Law No. (19) of 2020 Amending Law No. (13) of 2008 Regulating the Interim Real Property Register in the Emirate of Dubai, the developer may terminate the off-plan sale agreement, retain up to forty percent (40%) of the value of the real property unit specified in the off-plan sale agreement, and refund any amounts in excess of this to the buyer when the percentage of completion of the real property project exceeds eighty percent (80%).
The developer may keep up to forty percent (40%) of the value of the real property unit when the completion rate is between sixty percent (60%) and eighty percent (80%). The developer may keep up to twenty-five percent (25%) of the value of the real property unit when the completion rate is less than sixty percent (60%) overall. The buyer will still be able to file a lawsuit despite the restrictions and processes outlined in this Article.
New buyer
You do not have the right to ask the court to transfer the property purchase agreement to the new buyer you brought because you cannot compel the developer to enter into a contract with someone else. You can politely resolve this issue with the developer so that he will agree to grant you a letter of no objection so that you can sell the property to the new buyer at the DLD (Dubai Land Department) and collect your payment from him.
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