Law 13 protects investor - Even if you are defaulted!

[TommyC]

[QUOTE=kamadenu;84351]

Originally Posted by Datum1m

Just heard a mortgage broker on Radio 2 99.3, taking about Law 13 and he put a completely new slant on the 30% rule, by saying that the Developer is entitled to claim 30% of the contract value entered into with the purchaser. This would mean anyone who has only paid 10% could be taken to court be the Developer for another 20%. If this is true (and you would think a mortgage broker would get is facts right before broadcasting them across Dubai) then this will be a lot worse than first thought. Did anyone else listen to the show on their way home?

I dint hear the broadcast but have also heard from reliable sources that they will go for the balance of the 30% if you have not paid already. This is ridiculous again because, there is no construction, no contract, yet the developer can sue you for 30% of an unstarted project..........that is really easy money out of our hard earned pennies

Wow, this is getting more interesting for every day that goes by... Not only are developers trying to dafault as many as they can (zero tolerance policy apparently) to secure money when they cancel their projects. Now they've been given the ability to sue buyers as well? Well, time to apply for those 100's of credit cards you can get, buy all stuff you can get over and ditch the country

[tkk]

ok......one more addition.......i wonder which creative brain lies behind all these rules!!!! they must be really in an advanced stage of bankruptcy if they need our money so badly!!!

[TommyC]

Originally Posted by tkk

ok......one more addition.......i wonder which creative brain lies behind all these rules!!!! they must be really in an advanced stage of bankruptcy if they need our money so badly!!!

Dubai will be bought by Abu Dhabi that has 60% of the cash in the UAE. The facade Dubai is falling quicker than you can say "quick". The Dubai Information Minister is telling everyone though that everything is just fine, right!?

[georgihh]

Originally Posted by TommyC

Dubai will be bought by Abu Dhabi that has 60% of the cash in the UAE. The facade Dubai is falling quicker than you can say "quick". The Dubai Information Minister is telling everyone though that everything is just fine, right!?

Law 13 sounds like catch 22 , anyway the first catch 22 was when they stopped giving residents visa to the property owners.
They wanted town full of rich people and no middle class, but the rich is gone and gone with the cash.
Very very serious situation

[kamadenu]

Originally Posted by georgihh

Law 13 sounds like catch 22 , anyway the first catch 22 was when they stopped giving residents visa to the property owners.
They wanted town full of rich people and no middle class, but the rich is gone and gone with the cash.
Very very serious situation

in gulf news today, nothing wrong with dubai property market, in the same page nakheel scaling down on projects................more defaulters, more money for developers...........this is a new marketing technique for making quick money

[TommyC]

Originally Posted by kamadenu

in gulf news today, nothing wrong with dubai property market, in the same page nakheel scaling down on projects................more defaulters, more money for developers...........this is a new marketing technique for making quick money

No kidding!? This is bizarre, the quicker they get people to cancel the happier they are! I'm in deep trouble myself.

[X-MAN]

Before land department issues a 30 days notice to the defaulter, will the department look at whether the developer has started the construction and is it on track?

[TommyC]

Originally Posted by X-MAN

Before land department issues a 30 days notice to the defaulter, will the department look at whether the developer has started the construction and is it on track?

Don't think so, they will probably just issue a notice on request by the developer and after they've showed them some sort of papers. But before we get there, be sure to join up with investorslaw13 at hotmail.com for a groupaction regarding recent changes, it's utmost important that we spread the word about this, just send an email to that adress to show your interest in an action to make changes that is also in the interest of investors! Time is flying!

[therealdubai]

We invested in this country cause we trusted the laws and look what we've got.

[TommyC]

Originally Posted by therealdubai

We invested in this country cause we trusted the laws and look what we've got.

I know your frustration! Every seconfd word that leaves my mouth is a curse...
We will do what we can together, that's our only chance to get some substantial changes in place! I can only assume you've sent an email as well, so you are on the list when things start moving!? There will be another meeting in a not to distant future! investorslaw13 @ hotmail.com.

Please not that the forum owner have showed us his support by putting a sticky in the top of the forum, put any questions there for now! There is currently around 80 on the list, with A LOT of money invested, A LOT!