A developer cannot unilaterally terminate a contract for a payment delay without following the legal notice procedure. They must first notify the DLD, which then serves a thirty-day grace period notice to the purchaser. Termination is only permissib…
A developer cannot unilaterally terminate a contract for a payment delay without following the legal notice procedure. They must first notify the DLD, which then serves a thirty-day grace period notice to the purchaser. Termination is only permissible if the purchaser fails to settle the specific breach within that window. Even then, the amount the developer can retain is strictly capped by the completion percentage of the project, preventing excessive forfeiture for minor or first-time defaults.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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