Under Law No. (8) of 2007, strict financial controls govern project funding. If a developer mortgages a project to secure a loan from a finance institution or company, the lender must deposit the loan amount directly into the project's Escrow Accoun…
Under Law No. (8) of 2007, strict financial controls govern project funding. If a developer mortgages a project to secure a loan from a finance institution or company, the lender must deposit the loan amount directly into the project's Escrow Account. This ensures that funds intended for development are properly ring-fenced and managed according to the project implementation requirements. This rule prevents the diversion of capital and protects the interests of off-plan Units purchasers by ensuring construction funds are secured.
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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