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Escrow accounts to become standard across Dubai

One step ahead

Dubai Select were one of the first developers in Dubai to provide an escrow account for their developments.

Dubai Select proactively chose to provide this service to ensure the security of client’s
money, as opposed to sitting back and waiting for this type of protection to be imposed
by the authorities in Dubai.

It is an advantage to hold an escrow account as it protects your funds and ensures
safety of purchase. With an escrow account you have the assurance, security and safety
that your monies are protected by an impartial third party

New legislation will ensure escrow accounts become standard in Dubai

Eagerly-anticipated legislation, concerning escrow accounts and a condominium law have passed the final draft stage and are awaiting official approval from the emirate’s rulers.

It follows a lengthy period of consultation between the land department and property developers in Dubai.

“The draft laws have been finalised and have been submitted for government feedback and approval,” said Mohammad Sultan Thani, director of development and marketing administration at Dubai Land Department.

Legal experts say the Trust (Escrow) Accounts will protect buyers’ stage payments in independently-held accounts.

According to information obtained by Gulf News, escrow accounts in Dubai will be managed by a number of domestic and international financial institutions, all of which will be supervised and monitored by the land department.

Meanwhile, the release of the Condominium Law will also pave the way for a by-law to be signed on the rights and responsibilities of owners associations.

Source; Gulf News

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