The law provides significant protection for money held in an Escrow Account. Each project must have a dedicated account, and the funds within it are exclusively for the purpose of implementing that specific project. Most importantly, the law stipula…
The law provides significant protection for money held in an Escrow Account. Each project must have a dedicated account, and the funds within it are exclusively for the purpose of implementing that specific project. Most importantly, the law stipulates that no attachment may be imposed on these amounts in favour of the developer�s private creditors. This ensures that the purchasers� payments are ring-fenced and used solely for construction, shielding their investment from the developer's unrelated financial liabilities.
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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