An Escrow Account is a dedicated bank account for a real property development project. Payments from off-plan purchasers or project financers are deposited into this account to ensure project security. These funds are exclusively used for constructi…
An Escrow Account is a dedicated bank account for a real property development project. Payments from off-plan purchasers or project financers are deposited into this account to ensure project security. These funds are exclusively used for constructing the specific project and cannot be attached by the developer's creditors. This system is a vital protective measure for investors, ensuring their money is spent only on the actual implementation of the property they purchased. RERA audits these accounts to monitor revenues and expenditures regularly.
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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