Legal Question in Real Estate Law in Texas

Real Estate Investment In UAE

I had invested in an apartment project in UAE in June 2008. There was a broker involved who had exclusive rights from developer to see these units. I had paid 75% of the amount to broker in June 2008 for one unit. The broker sent me SPA (Sales and Purchase Agreement) and asked me to sign and return it and they were suppose to send it for developer to sign it. It has been almost an year now and I have not received back the SPA.

The broker tells me they are having issues with developer and I contacted the developer and he is saying blame is on broker. So it has come to a blame game with my money stuck with broker or developer. I know several other investors in Saudi Arabia, Canada, UAE that have invesed in same project and are all in same boat. Broker is saying they are taking legal action against developer. I don't trust the broker.

I have all email transaction records between myself and broker.

Please let me know what are my options and will it be better to get a lawyer handle my case that is local in United States and has physcial presence in UAE?

Thanks

Adnan


Asked on 5/27/09, 12:02 pm

1 Answer from Attorneys
Robert Damalouji The Damalouji Law Firm, L.L.C.

Re: Real Estate Investment In UAE

Adnan: With regard to the real estate economy in the UAE, in my mind, there may be a real issue as to whether the unit and/or project in general that you purchased has been built. What is the status of the project, if you know? I have also heard recently that the UAE has established special real estate legislation (and court, I believe) within their court system to address these exact type(s) of issues. Based on my experience, I would suggest to hire an attorney in the UAE--there are several US firms doing business in Dubai and Abu Dhabi that would be familair with the legislation I am referring to.

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Answered on 5/27/09, 2:25 pm


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