Article (9) stipulates that a dedicated Escrow Account must be opened for each specific real property project. These funds are exclusively dedicated to implementing that project and cannot be used for other purposes. Most importantly, the law ensure…
Article (9) stipulates that a dedicated Escrow Account must be opened for each specific real property project. These funds are exclusively dedicated to implementing that project and cannot be used for other purposes. Most importantly, the law ensures that these amounts are not subject to attachment by the developer�s private creditors. This "ring-fencing" of capital protects the investors' payments, ensuring their money is only spent on the actual construction of their future units.
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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