A buyer was ordered by the Dubai Real Estate Court to pay two sellers Dhs7.52 million, or 80% of the deposit, plus interest at a rate of 5% per year from the date of the claim until complete payment. After the buyer backed out of a deal to buy a unit in a project valued Dhs47 million, the two sellers filed a complaint at Dubai Real Estate Court against the buyer and a real estate brokerage company, asking the court to order the buyer to pay a deposit of Dhs9.4 million.
Previously, in May of last year, the plaintiffs, who owned a property in a Business Bay area project, signed a Dhs47 million sales agreement with the first defendant. According to the terms of the deal, a down payment of Dhs9.4 million must be made at the time of contract signing, and the balance Dhs37.6 million must be paid by June 2026 upon property registration and ownership transfer. The buyer wrote a check for the Dhs9.4 million deposit and deposited it with the real estate brokerage firm, which testified in court that it had held the check as a trustee and was prepared to provide it to the person the court determined was entitled to it.
The lawsuit records demonstrated that although the sellers had prepared the required paperwork to finish the ownership transfer procedures, the buyer failed to pay the remaining amount and finish the purchase process by the deadline. Furthermore, notwithstanding the contract’s requirement that any changes to the terms or dates be made in writing, there was no evidence of a formal agreement between the two parties to extend the date. According to the court, the contract clearly mentioned the seller’s right to end it and keep the deposit if the buyer didn’t pay the entire amount or finish the transaction by the scheduled date for reasons that may be attributed to the buyer.
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