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Cancellation Of Condominium Contract

Cancellation Of Condominium Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Cancellation Of Condominium Contract

"I need a Cancellation of Condominium Contract for a Dubai property where both parties have mutually agreed to terminate the sale due to the buyer's financial circumstances, with a full deposit refund to be processed by March 2025."

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Document background
The Cancellation Of Condominium Contract is a crucial document used in the UAE real estate market when parties mutually agree to terminate their original condominium purchase agreement. This document is essential when buyers and sellers need to legally unwind their property transaction, whether due to mutual agreement, inability to proceed with the purchase, or other circumstances recognized under UAE law. The document must comply with UAE Federal Laws, RERA regulations, and local emirate-specific requirements. It typically includes provisions for financial settlements, property status resolution, and the formal release of obligations. This template is specifically designed for use in the UAE jurisdiction and incorporates all necessary elements required by local authorities for proper registration and execution of the cancellation.
Suggested Sections

1. Parties: Identification of all parties to the cancellation agreement, including full legal names, addresses, and Emirates ID numbers

2. Background: Details of the original condominium sale contract, including date, property details, and registration information

3. Definitions: Key terms used in the cancellation agreement, including references to the original contract, property, and relevant legal terms

4. Cancellation Declaration: Clear statement of mutual agreement to cancel the original contract

5. Property Details: Specific details of the condominium unit, including unit number, floor, building name, and registration details

6. Financial Settlement: Terms of any financial settlements, including refund amounts, payment methods, and timelines

7. Release of Obligations: Mutual release of parties from obligations under the original contract

8. Return of Documents: Requirements for the return of any original documents, keys, or other property-related items

9. Governing Law: Confirmation that the agreement is governed by UAE law and relevant emirate-specific regulations

10. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Broker Provisions: Include when a real estate broker was involved in the original transaction, addressing any commission refunds or arrangements

2. Bank Mortgage Release: Include when the property was mortgaged, detailing the process for releasing the mortgage

3. Developer Provisions: Include for off-plan properties or when the developer has specific requirements for cancellation

4. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard UAE court jurisdiction

5. Force Majeure: Include when the cancellation is related to force majeure events

6. Third Party Rights: Include when there are affected third parties beyond the main contracting parties

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property including floor plans, area calculations, and registration details

2. Schedule 2 - Original Contract: Copy of the original sale and purchase agreement being cancelled

3. Schedule 3 - Financial Statement: Detailed breakdown of all financial settlements, including any deductions or penalties

4. Schedule 4 - Required Documents: List of all documents required for submission to relevant authorities for cancellation registration

5. Appendix A - Power of Attorney: If applicable, any powers of attorney required for executing the cancellation

6. Appendix B - RERA Forms: Standard RERA forms required for cancellation registration

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Property Development

Legal Services

Banking & Finance

Property Management

Construction

Real Estate Investment

Property Insurance

Real Estate Brokerage

Facility Management

Relevant Teams

Legal

Real Estate Operations

Compliance

Property Management

Sales

Contract Administration

Risk Management

Property Registration

Document Control

Customer Relations

Relevant Roles

Real Estate Manager

Property Lawyer

Legal Counsel

Property Developer

Real Estate Agent

Compliance Officer

Contract Manager

Property Registration Officer

Real Estate Investment Manager

Property Sales Manager

Legal Director

Real Estate Operations Manager

Transaction Manager

Property Administrator

Risk Management Officer

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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