According to real estate that the schedules of delivery of real estate units in Dubai require control in contracts between the buyer and the developer, pointing out that leaving these items unspecified causes great problems in the real estate market, stressing that their determination contributes to increase the market credibility, which is reflected positively on sales in the sector .
In detail, Ismail Al Hammadi, founder and CEO of Al Rowad Real Estate Company, said that “delays in the delivery of projects are possible for each developer, due to circumstances beyond his control, or circumstances related to the project itself, because the system of developers in the sale of real estate on the map depends on the repayment installments, and what is paid If the developer fails to sell 90% of the project over a certain period of time, the developer may not be able to deliver it on the dates specified in the sales contracts, according to Emirates Today.
Al Hammadi added: “The delivery date is a marketing material used by the developer very carefully, based on the company’s position in terms of the payment system for the project, the price of the real estate unit and its area and the resulting costs.”
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Mysterious items?
He explained that the buyer should read the sales contract before signing it, and if the terms of the contract seem ambiguous, he should seek the help of reliable persons to help him, and the buyer before signing the contract to make sure, and know the exact location of the project, because it plays an active role in the marketing process and the volume of demand on him.
Al-Hammadi pointed out that some developers link the payment system with a certain percentage of completion, in which case the owners have the right to stop payments for not receiving a special notice of the required percentage of completion, agreed in the contract, and this rate is determined by the Real Estate Regulatory Authority according to periodic visits to the project, and through the social security account , And transfer the amounts due to contractors for each completion percentage.
Mohamed Harib Al Falahi, general manager of the Royal Liwan Real Estate Company, said that “there are significant problems related to the items related to the delivery dates of the project, especially the actual delivery date of the project and not expected, which is not found in any of the contracts issued by developers to buyers.” .
Buyer compensation
Al-Falahi pointed out that another item that may not exist in the contracts is the item of compensating the buyer in case of delay in delivery, which must be sure to include it before signing, stressing that adjusting the delivery schedules will be in the interest of the real estate sector, where raising confidence in the real estate sector through Increase Sales. He demanded the intervention of regulators in controlling these items related to the delay in delivery.
For his part, said the managing director of “Harbor Real Estate Brokerage”, Muhannad Al-Wadi, said that one of the important items that should be clarified in the contract of sale, the date of delivery, which is one of the most cases that arouse disputes between the developer and the investor, and asked to control these items through legislation Laws, due to the worsening of these problems by some developers, which is detrimental to the market, so it is noticeable that there is a tendency by real estate investors to buy ready-made real estate to avoid these problems.
He pointed out that many investors are not familiar with the contracts, and then discover that there are unclear items for them, especially with regard to the delivery process, and here comes the dispute between the parties.
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