Following a court order, an award winning, 12 years in business, real estate agency is going to close its doors as the trade license has been revoked.
As per Company’s Founder and CEO Tim Boswell, the closure of the company is because of a property dispute between Ocean View Real Estate and a German fund investment group. Apparently, the company had sold a property to the group in Legacy Tower that was supposed to be constructed in Dubai Waterfront. Unfortunately, the work on project never started and that responsibility should be held on developer’s shoulder but the real estate agency involved in the transaction is paying the price.
Court has ordered the company to pay Dh2.4 million to the investor and Boswell has already debited Dh1.4 million from his company’s account to the investor so far.
As per the CEO of the company, his passport has been confiscated, bank account is frozen and license has been revoked. The investor is still waiting to receive his remaining Dh1.4 million and has been offered a monthly installment of Dh55,000 which as per the representative of the investor is totally unacceptable.
Contracts Are Important
The spokesperson of the investor is of the view that as per the contract signed, Ocean View Real Estate was responsible for the execution of the project. Since the development never took place, there was no other way left for the investor other than going to court. They are not interested in accepting any offer that will give their money back in monthly installments as well. In the court room, the only thing that can stand out is the clauses that are written in a contract.
We have to announce this, with a heavy heart though but Ocean View Real Estate will not be a part of UAE Real Estate saga anymore.
Ref: Gulf News