An Escrow Agent is a financial or banking institution that has been certified by the DLD specifically to manage project escrow accounts. They are recorded in a dedicated Escrow Agents Register and must demonstrate the competence required to handle t…
An Escrow Agent is a financial or banking institution that has been certified by the DLD specifically to manage project escrow accounts. They are recorded in a dedicated Escrow Agents Register and must demonstrate the competence required to handle these sensitive funds. Their primary duty is to ensure that purchaser payments are only used for the implementation of the project. They must provide periodic statements to the DLD regarding the account's revenues and expenditures.
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