Under Law No. (8) of 2007, a developer who fails to open an Escrow Account for a real property development project is subject to severe penalties. The law mandates an imprisonment sentence and a fine of at least one hundred thousand Dirhams (AED 100…
Under Law No. (8) of 2007, a developer who fails to open an Escrow Account for a real property development project is subject to severe penalties. The law mandates an imprisonment sentence and a fine of at least one hundred thousand Dirhams (AED 100,000.00), or either of these penalties. Furthermore, according to RERA's schedule of fines, the penalty for failure to open an escrow account can reach AED 500,000. This strict enforcement protects purchasers by ensuring their payments are secured for project construction.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
Ali Faizan Syed’s knowledge centre
Ask Ali about this question · Explore published properties · Browse all questions