At Prime Bullions Properties, we are committed to conducting all transactions in full compliance with the laws of the United Arab Emirates and the Dubai Land Department (DLD). This Refund & Cancellation Policy sets out the conditions under which a purchaser of property may cancel, and the manner in which refunds are processed.
This policy is governed by Law No. 8 of 2007 (Escrow Law), Law No. 13 of 2008 (as amended by Law No. 19 of 2020), and Decree No. 33 of 2020, along with relevant regulations of the Real Estate Regulatory Agency (RERA).
All buyer payments are deposited in RERA-approved escrow accounts to ensure transparency and protection.
If the project is cancelled by a final decision of RERA/DLD:
100% Refund if construction has not commenced.
If construction has commenced:
Up to 25% of the unit value may be retained if completion is less than 60%.
Up to 40% of the unit value may be retained if completion is between 60%–80%.
Refunds are processed from the escrow account and returned to buyers within the statutory timeline:
Within one year of cancellation, or
Within 60 days of resale of the unit, whichever is earlier.
If a purchaser defaults on obligations under the Sale & Purchase Agreement (SPA), including non-payment of instalments:
The Developer may issue a notice period (30 days minimum) to remedy the breach.
If not remedied, the Developer may cancel the SPA and retain:
Up to 25% of the contract price if project is < 60% complete.
Up to 40% of the contract price if project is 60%–80% complete.
100% of payments made if the project is substantially complete or handed over.
Any refunds due will be processed in accordance with the SPA and applicable law.
If handover is significantly delayed without legal justification (e.g., force majeure), buyers may be entitled to request compensation or cancellation as per UAE Civil Code (Article 273) and relevant RERA guidelines.
Refunds or compensation will be processed subject to regulatory approval.
In cases of unforeseeable events beyond the Developer’s control (natural disasters, government restrictions, etc.), obligations may be suspended.
Buyers will be notified in writing, and a revised schedule/refund process will be implemented in accordance with UAE law.
Refunds, where applicable, are processed through the escrow account linked to the project.
Buyers must submit:
Original Sale & Purchase Agreement (SPA)
Payment receipts
Valid ID/Passport copies
Refunds are credited via the original payment method or through official bank transfer, within 7–14 business days once approved.
Any disputes relating to refunds or cancellations shall be referred to:
Dubai Land Department (DLD),
Real Estate Regulatory Agency (RERA), or
The Special Tribunal for Liquidation of Cancelled Real Estate Projects under Decree No. 33 of 2020.
All decisions of these authorities are final and binding.
