Every Management Entity must open a dedicated Service Charges account at a bank recognised by RERA. Crucially, the law stipulates that funds in this account are legally protected and cannot be subject to attachment by the creditors of the management…
Every Management Entity must open a dedicated Service Charges account at a bank recognised by RERA. Crucially, the law stipulates that funds in this account are legally protected and cannot be subject to attachment by the creditors of the management entity. This ensures that the money paid by owners for the maintenance of their building is shielded from the manager's private business debts. All collected charges must be deposited into this account within seven (7) working days of collection to ensure transparency.
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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