According to a ruling by the Dubai Real Estate Court, the buyer of a real estate unit must provide the seller Dhs1.68 million, which represents 80% of the down payment of Dhs2.1 million that was kept in a check deposit at the real estate brokerage firm.
In order to compensate the buyer for the delay in completing the duty to acquire the property, the court further ordered the buyer to pay a five percent yearly legal interest from the date of the lawsuit until final payment.
In a previous lawsuit, the seller of a real estate unit asked the court to void the sale agreement, which stated that the buyer would be required to pay a penalty of 10% of the total transaction value if he backed out after signing it. Of that amount, 80% would go to the seller and 20% to the broker.
The 809.11 square meter unit was assessed at Dhs21 million, according to the official papers. By the terms of the January 2025 contract, the buyer agreed to pay Dhs2.1 million as a down payment in the form of a check deposit that would be kept by the seller’s broker.
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