This Cancellation & Refund Policy explains how Swank Development (“We”, “Us”, “Our” or “Swank”) handles cancellations and refunds relating to property reservations, purchases, and payments made through our Online Payment portal or otherwise in connection with our projects. It should be read together with our Terms & Conditions and the Sale and Purchase Agreement (“SPA”) or Reservation Form applicable to your transaction, which will always take precedence over this general policy.
1.1 A reservation or booking amount paid to reserve a unit prior to signing a Sale and Purchase Agreement secures the unit for a limited period on the terms set out in the applicable reservation form.
1.2 Reservation amounts are generally non-refundable once the unit has been taken off the market for you, except where required otherwise by law or where Swank Development is unable to proceed with the sale for reasons attributable to us.
2.1 All off-plan property purchases in Dubai are regulated by the Real Estate Regulatory Agency (“RERA”) and the Dubai Land Department (“DLD”), including rules on escrow accounts under Law No. 8 of 2007 and cancellation procedures under Law No. 13 of 2008 and its amendments.
2.2 If you wish to cancel a signed Sale and Purchase Agreement, the refundable amount, if any, is determined by RERA/DLD based on factors including the percentage of construction completed at the time of cancellation and the terms of your SPA. As a general guide under current RERA practice:
2.3 The figures above are indicative only. The exact refundable amount in any cancellation is assessed and confirmed by RERA/DLD and set out in your specific SPA. Please refer to your SPA or contact us for guidance specific to your unit.
2.4 Dubai does not currently provide a statutory “cooling-off” period for off-plan purchases. Once an SPA is signed and registered with the DLD (Oqood), it is a legally binding contract.
3.1 Payments made through our Online Payment portal are processed via secure third-party payment gateways. Please ensure all payment details are accurate before confirming a transaction.
3.2 In the event of a duplicate charge, failed transaction where funds were nonetheless deducted, or a payment processing error, please contact us at info@swankdevelopment.com with your transaction reference within 30 days. Verified erroneous payments will be refunded to the original payment method within a reasonable timeframe, typically 14-30 business days, subject to your bank or card issuer’s processing times.
3.3 Payments correctly applied towards a reservation, SPA installment, or other contractual obligation are subject to Sections 1.0 and 2.0 above, and not to Section 3.2.
Any administrative, processing, DLD registration, or agency fees paid in connection with a transaction are generally non-refundable, except where required by law or expressly agreed otherwise in writing.
To request a cancellation or refund, please contact our team at info@swankdevelopment.com or through our Contact page, providing your name, unit/project details, and payment reference. We will guide you through the applicable process, including any steps required with RERA/DLD.
Swank Development may update this Cancellation & Refund Policy from time to time to reflect changes in law, regulation, or our operational practices. The policy in effect at the time of your transaction, together with your SPA or reservation form, will govern that transaction.
For questions about this Cancellation & Refund Policy, please contact us at: info@swankdevelopment.com.