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What is the Trust Account Law?

Source : Gulf News

Shahram Safai and

Since the real estate boom in the early 2000s, Dubai has increasingly been the target of fraudulent real estate schemes. One measure that Dubai has taken to prevent such schemes is through the enactment of trust account law in 2007. Commonly referred to as the escrow law, it establishes the basic rules for legalising developers and how investors’ money can be used in the development and sale of off-plan real estate. Under the law a developer selling units off-plan must submit an application to the Department of Real Estate Trust Accounts to open a trust account, where all amounts paid by purchasers must be deposited.


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