Buying or
selling real estate is a serious business. It involves a lot of money and a
valued property. Thus, it is essential to talk to a legal consultant in Dubai to know how to put legal safeguards in place.
A real estate
contract provides protection for both the buyer and seller. It is a binding
agreement between two parties regarding the transfer of a home or property. The
deal needs to meet specific requirements to be valid - the purchase agreement
must be in writing, contain an offer and an acceptance, the purpose must be
legal, and there must be an exchange of things of value (money for the
property).
A breach of
contract occurs when one of the parties to the contract fails to perform any of
the stated terms. Upon signing the contract with the buyer, it’s reasonable to
expect that all responsibilities will be fulfilled. But a buyer can break a
contract for a myriad of reasons, mainly if the cost of going through the
contract is more than the cost of penalties for breaching it. It’s best to be
prepared by finding
the right lawyer in Dubai
who can help you understand the process.
Here are some ways that a breach of real estate contract by a buyer can occur:
● The buyer fails to obtain adequate financing
before the closing date.
● The buyer is unable to sell their current home
before closing on the new home, and therefore cannot go through with the
purchase.
● The buyer fails to deliver the deed of the
property correctly.
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ARE YOU IN A LEGAL DISPUTE? OR WONDERING IF YOU HAVE GROUNDS TO FILE A LAWSUIT?
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Motei and Associates has the finest real estate lawyers Dubai has seen, offering disputes resolution and general corporate, commercial transactional services. Give them a call today at +971 4 435 5959.
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