If a project is at least eighty percent (80%) complete, a developer can take strict measures against a defaulting purchaser. The developer may choose to maintain the agreement, retain all paid amounts, and claim the remaining balance. Alternatively,…
If a project is at least eighty percent (80%) complete, a developer can take strict measures against a defaulting purchaser. The developer may choose to maintain the agreement, retain all paid amounts, and claim the remaining balance. Alternatively, they may request the DLD to sell the unit at a public auction to recover the outstanding funds. A third option allows the developer to unilaterally terminate the contract while retaining up to forty percent of the unit's value.
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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