'Developer refuses to accept the termination of the purchase agreement'
I would advise the following:
A. “Where the percentage of completion of the Real Property project exceeds 80 per cent (80%), the Developer may retain up to 40 per cent (40%) of the value of the Real Property Unit stipulated in the Off-plan Sale agreement, and refund any amounts in excess of this to the purchaser.
B. Where the percentage of completion of the Real Property project is between 60 per cent (60%) and 80 per cent (80%), the Developer may retain up to 40 per cent (40%) of the value of the Real Property Unit stipulated in the Off-plan Sale agreement, and refund any amounts in excess of this to the purchaser.
C. Where the percentage of completion of the Real Property project is less than 60 per cent (60%), the Developer may retain up to 25 per cent (25%) of the value of the Real Property Unit stipulated in the Off-plan Sale agreement, and refund any amounts in excess of this to the purchaser.
We advise you to notify the Land Department (DLD) in order to mediate between you and the developer and settle the matter amicably — either to urge the developer to accept the new buyer, or to provide you with a new payment plan.
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