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Old 04-10-2007, 04:51 AM
wayneis wayneis is offline
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Join Date: Jan 2007
Posts: 212
Red face Read up on Law Number 8 Escrow Accounts contact your developer as well as RERA

Best solution approach the developer directly or whoever is taking your payments;negotiate a revised payment option because of the delay. Failing that approach RERA , like it or not companies have to abide by law number 8.See bottom of this posting for a link where you can read an online article which explains more the ESCROW obligations of Developers.

As most payments are done here with post dated cheques your over a barrel when it comes to payment schedule. I do not understand the practice of post dated cheques when cheques are in many parts of the world a thing of the past. Dubai is passing it self off as a modern city with futuristic views and here we are using cheques for home payments .It is not unusual for some one to have to sign up to 200 cheques for post dated payments...One reason this occurs is that it is regarded as a criminal offense which can be enforced by jail if a cheque is not honored. The Dubai Police complain they do not appreciate acting like Banks and the jails are clogged with such cases. The reality is that this practice continues and will continue for some time.


Read this about RERA and the Law number 8 located a good article written
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