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Akhlak Shaikh : +971 4 207 5115
Hussein Trabulsi: +971 4 207 5673
Fax: +97142989316

Any Questions?

What is an Escrow Account?
An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties) and to be disbursed to another party( or parties) based on the fulfilment on certain conditions which govern the escrow account arrangement.
Who governs Escrow Accounts for Real Estate Developers?
The Real Estate Regulatory Authority (RERA), Escrow Law and subsequently issued regulations govern the operation of the Escrow Accounts
How does the Escrow Account for Real Estate work?
Each end user who buys a property in a development launched by a developer will pay into an escrow account which is not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. From the escrow account money will only be disbursed to the contractor of the project directly, upon completing each stage of construction. For each stage, a contractor bills through Progress Payment Certificates also known as PPC’s. Any other disbursements from the escrow account will be governed by the escrow agreement and RERA instructions. Developers do not have any operating rights (withdrawal etc) over escrow accounts.

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