Ajman Law
Can someone with knowledge of Ajman law please help clarify some things here. Below is my understanding of what the local laws are.
Cancellation of contract - If a vendor in Ajman wants to cancel a contract and repossess a unit, they must go to court to get it approved. What are the timeliness for this? For example, if a vendor wants to cancel a contract for non-payment there must be an amount of time allotted that the payment is only considered to be "late". I doubt if one misses a payment by a week or two can they cancel the contract. What is the time frame?
I thought I read somewhere in this forum that the cancellation of a contract by the vendor had do be done by an Ajman court and there was a specific procedure that must be followed, but I have searched and can't find the information anywhere. Any help will be appreciated.
late payment
you can check your contract about penalties in late payment. surely they will not cancel if you delay your payment 10-15 days but sure there will be a penalty clause, they will charge the penalty for every delay.
reg. your question to go to court, why they will bother to go to court?? if you wont pay, they will just keep your payment and wont give you any possesion or key what will you do? they wont even let you sell this apartment..wont transfer the name of your buyer until you pay.
and whenever you will try to finalise, they will calculate the penalty from day 1 for delay... they are authorised to keep 30% of apartment cost if you cancel it.. so everything is in their side, not our side..
so if you have paid only 5% booking amount you can think to exit now and thank god that you have not paid more. if you have paid allready 30% or more you have to pay them regularly for sure.
Quiry regarding selling unit through Developers Web
Any one could give information ,if selling apatment through Developers web site, during this period .Shoud i continue the installment or just to hold.
Thanks&Regards
Muhammad Qamar
my thoughts
reg. developers going to court, Dear smitty, why they will bother to go to court? if you wont pay, they will keep your rest money with them and will wait till you go to them next time either for selling it or for refund then for transfer they will ask you to pay balance installments with penalty.. and if you want refund they will keep 30% of total apartment cost which is also in their favour not yours..
keep this in mind that ( in my opinion ) no developers have sold 100% apartments.. they have sold only 20% to 50% so they are keeping rest apartments for future they will keep yours too..why they will go to court for cancellation? if you are not there to take it, its automatically theirs..
reg. Mr. Qamar, no harm in trying to sell apartment thru developers site or any other site, or any agent or thru our own forum...
reg. paing next installments everything depends upon which is developer, what is building's current situation and how much you have paid? if anybody has given only first installment till now i wont advice to pay further, if your builder is not reputed or did not construct anything like crimson or some other building i wont suggest to pay even 1 aed further.