Stock Rental lease agreement contract
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Question: I bought a property from a developer and signed an investment contract for the property for a period of five years, provided that the developer leases the property for my benefit. I paid the entire value of the property to the developer two years ago when the property was completed, but until this moment, I did not receive the property, nor did I get the rent amount, despite my repeated requests to the developer. My question is what legal measures can I take against the developer?

Answer: Article 514 of the UAE Civil Transactions Law states that “the vendor is bound to deliver the thing sold to the purchaser free of any other right, unless otherwise agreed or stipulated by Law. He is equally bound to perform everything necessary from his part to transfer ownership to the purchaser”.

Delivery is completed de jure by registration of the thing sold in the name of the purchaser, if the law requires registration for the transfer of ownership, as per Article 528.

The contract, as per Article 246, shall be implemented, according to the provisions contained therein and in a manner consistent with the requirements of good faith. It is not restricted to what is contained therein but shall extend to its essentials in accordance with the law, custom and the nature of the transaction.

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In bilateral contracts, if one of the parties does not perform his contractual obligations, the other party may, after serving a formal notification to the debtor, demand the performance of the contract or its termination. The judge may order the debtor immediate performance of the contract or grant him or her specified additional time, as he or she may order termination with damages, in any case, if deemed justified.

You have to file a suitcase in court to request the delivery of the property, its registration under your name in the Registry Department, the compensation for the delay of delivery and the amounts resulted from the investment contract based on the terms and conditions of that contract. To transfer the matter to an expert, to calculate the amounts stipulated from the investment contract and the compensation for the delay, will be beneficial and a good option in such cases.