Refer to the conditions mentioned in the contract regarding termination, compensation
Answer: You can terminate the purchase agreement in front of the court but this will be on your responsibility because losing your job is not considered as a force majeure. You might lose all or some of the money you paid depending on the percentage of completion of the Real Property project unless there is a breach committed by the developer. You should refer to the conditions mentioned in your contract regarding termination and compensation which all contracts usually contain.
As per Article 11 of Law No. (19) Of 2020 Amending Law No. (13) of 2008 Regulating the Interim Real Property Register in the Emirate of Dubai, where the percentage of completion of the real property project exceeds eighty per cent (80%), the developer may terminate the off-plan sale agreement, retain up to forty 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.
Where the percentage of completion is between sixty per cent (60%) and eighty per cent (80%), the developer may retain up to forty per cent (40%) of the value of the real property unit. Where the percentage of completion is less than sixty per cent (60%), the developer may retain up to twenty-five per cent (25%) of the value of the real property unit. The rules and procedures stipulated in this Article will not preclude the purchaser from having recourse to courts.
As for the new buyer you brought, you are not entitled before the court to request the transfer of the property purchase agreement to him, because you cannot force the developer to make an agreement with another person. You may settle this matter amicably with the developer so that he might accept to give you a non-objection letter to be able to sell the property in the DLD (Dubai Land Department) to the new purchaser and recover from him the sums you paid.
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