An Escrow Account is a specific bank account opened for a real property development project where payments from off-plan purchasers or project financers are deposited. These funds are exclusively dedicated to the construction and implementation of t…
An Escrow Account is a specific bank account opened for a real property development project where payments from off-plan purchasers or project financers are deposited. These funds are exclusively dedicated to the construction and implementation of that specific project and cannot be attached by the developer�s creditors. This system protects investors by ensuring that their money is only used for the project they invested in, with disbursements monitored by an Escrow Agent and audited by RERA.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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