Escrow Agents (banks or financial institutions) must comply with strict rules for disbursing funds from a project�s Escrow Account. If an agent fails to comply with the conditions of disbursement, or withdraws/deposits funds without RERA approval, t…
Escrow Agents (banks or financial institutions) must comply with strict rules for disbursing funds from a project�s Escrow Account. If an agent fails to comply with the conditions of disbursement, or withdraws/deposits funds without RERA approval, they face an administrative fine of AED 100,000. These penalties ensure that the banking institutions managing project funds are held accountable, guaranteeing that investors' money is only spent on actual construction progress as verified by RERA�s technical auditors.
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