Once a developer obtains a completion certificate, the Escrow Agent is required to retain five percent (5%) of the total value of the Escrow Account. These retained funds act as a security and are not released to the developer immediately. The law m…
Once a developer obtains a completion certificate, the Escrow Agent is required to retain five percent (5%) of the total value of the Escrow Account. These retained funds act as a security and are not released to the developer immediately. The law mandates that this amount be held for one (1) year following the date that units are registered in the names of the purchasers. This retention ensures there are available funds to address any immediate post-completion issues or warranty claims.
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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