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What if the developer has no escrow account?
Source : Gulf News
Authors
Shahram Safai and
The Dubai off-plan real estate market is well regulated and developers comply with their legal obligations. However, amid current market conditions, there have been reports that developers are now selling off-plan without an escrow account or with a registered escrow account but not depositing money in it. It is important that purchasers are aware of their rights and of developers’ responsibilities to address challenges in the unlikely event they find themselves facing such developers.
