Typically, an MOU is signed between the seller and prospective buyer, wherein the buyer commits to purchase the property and the seller commits to sell the property. An initial booking deposit (of not more than AED 100,000 for villas and apartments) to the seller, by the buyer. Now let’s have a look case wise:
Case 1: If the buyer withdraws from the transaction, the buyer forfeits his booking deposit.
Case 2: If the seller withdraws from the transaction, the seller refunds the booking deposit amount. The buyer pays the balance thought-about to the vendor upon transfer of the property to the client