Article (11) of the amended law grants developers specific powers when a project is at least eighty percent (80%) complete. The developer can choose to maintain the agreement and claim the remaining balance, or request the DLD to sell the unit at a…
Article (11) of the amended law grants developers specific powers when a project is at least eighty percent (80%) complete. The developer can choose to maintain the agreement and claim the remaining balance, or request the DLD to sell the unit at a public auction. Alternatively, they may unilaterally terminate the contract, retain up to forty percent of the unit's value, and refund the excess within one year of termination or sixty days of resale.
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