Article (14) of Law No. (8) of 2007 mandates that an Escrow Agent must retain five percent (5%) of the total account value after the developer receives a completion certificate. This retained amount serves as security and is only released to the dev…
Article (14) of Law No. (8) of 2007 mandates that an Escrow Agent must retain five percent (5%) of the total account value after the developer receives a completion certificate. This retained amount serves as security and is only released to the developer after one (1) year has passed from the date the units are registered in the purchasers' names. This rule provides a financial buffer to address any defects or issues that arise immediately after the building is completed and occupied.
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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