Legal Advisor @ Emirates City Forum
Can we have a legal advisor on Emirates City Forum, where investors can send their cases to be studied and get legal advice and cost of petition including court and lawyer's fee in case somebody wish to take the matter to the court.
Copyright © 2007-2011 Emirates City Forum
Legal Advisor
If you read the posting in this website you will find all your answers.
LEGAL ANSWERS
Indeed szsiddiqui's point needs to be highlighted. At this stage in time legal actions may be initiated as a result of defaults by the developers. Most of us have fulfilled our obligations so if any legal expert is presented to this forum it can be fruitful. I remember about 2 years back when some lawyer tried to give his opinion for a legal action. I think now legally, ethically and last but not least we are morally in a position to go for legal proceedings. If any member himself or can suggest a good legal company it should be welcomed.
pot at end of the rainbow is empty
Legal action should only be contemplated by the buyer if the party being pursued, that is the developer that the buyer signed the SPA with, has money in the pot. Most would agree that most private developers in Emirates City are probably technically insolvent, that is, they have no cash in the pot. So even if the court rules in buyers favor, where is the money coming from to refund your investment...not the court, not the government, but the party being pursued being the developer...but no money in the pot to refund. Legal action against developer is expensive in UAE. Plan on spending at least AED 100,000 just to get the case to a court. So do the math. Would you spend AED 100,000 plus plus when there is no money in the pot at the other end of the rainbow. It makes no sense spending good money when there is nothing there to go after.