A realtor is responsible for bearing damages to any party involved in a contract in case of fraud, established the Dubai Court of Cassation in its new legal principle, and added that the realtor should not involve in deals violating laws.
The legal principle was issued in a verdict given in favour of an investor, wherein the realtor was ordered to refund AED922,000, Emirates 24/7 reported.
The woman investor claimed that she had paid the realtor AED922,000 for buying a unit from a real estate development company after he told her that realty prices had doubled and it was a good opportunity to buy and sell units.
However, she learnt later that the developer was not registered with the Ajman Real Estate Regulatory Agency. When she checked with the realtor, he told her that he had booked a residential unit, and would return the amount after its sale.