Arab Today, arab today delay to register off plan unit is no excuse
Last Updated : GMT 04:31:04
Arab Today, arab today
Arab Today, arab today

Delay to register off plan unit is no excuse

Arab Today, arab today

Arab Today, arab today Delay to register off plan unit is no excuse

Abu Dhabi - Arabstoday

A delay in developer’s failure to register “off-plan” units with the Dubai Land Department (DLD) is unlikely to be a reason anymore for investors, seeking cancellation of the sales and purchase agreements (SPAs) and demanding a full refund. Clyde & Co, a law firm, said in an update, it has succeeded in nullifying DIAC (Dubai International Arbitration Centre) arbitral awards relating to Article 3 of Law 13 of 2008 regulating the Interim Real Estate Register in the Emirate of Dubai. The Dubai Court of Cassation, in its judgement, held that disputes concerning the legal consequences of late registration of an off-plan sale pursuant to the law cannot be validly submitted to arbitration, it said. “Following the Dubai Court of Cassation\'s final judgments, if arbitral awards have been rendered in similar matters or arbitral proceedings are ongoing involving reliance on Article 3 of the law for termination of an SPA or of another disposition subject to registration, developers have reasonable grounds to argue that the award should be nullified, or to challenge the jurisdiction of the Tribunal in ongoing arbitral proceedings.” The law firm said it had acted for a major property developer in defending arbitration proceedings commenced against the developer by a group of investors, who had purchased a several off-plan properties from the developer. Due to the financial downturn, they decided to arbitrate with a view to terminating the respective SPAs and obtaining a full refund. And for termination of their contract, the investors sought to rely on the alleged breach of Article 3 of the Law, which required property developers to register SPAs for off-plan sales with the DLD within 60 days of the date of publication of the Law, or by the deadline of October 30, 2008. In this case, however, the developer had registered the SPAs in April 2009, much after the deadline, as the DLD had been accepting late registrations if a developer submitted sufficient reasons and evidence as to why it had not complied with the deadline. The Arbitral Tribunal rendered three awards (one in favour of each of the investors) concluding that, inter alia, the SPAs were invalid because they had not been registered before October 30, 2008. The developer challenged the enforcement of the awards before the Dubai Courts of First Instance, Appeal and Cassation. Despite the above arguments, the lower courts refused to set aside the awards. On appeal and final consideration of the issues, the Dubai Court of Cassation agreed with the arguments and overturned the judgments of the lower courts, stating: “Disputes concerning Article 3 are matters of ‘public order’ (public policy) and that, accordingly, such disputes cannot be submitted to arbitration.” The new decision is likely to have a far-reaching impact on arbitration. “This is somehow puzzling and I would need to read the Arabic judgment. However if the translation is correct, this might negatively impact the arbitration,” a UAE-based legal expert said on conditions of anonymity.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today delay to register off plan unit is no excuse Arab Today, arab today delay to register off plan unit is no excuse

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday