wannabe
Good write up of the Law number 8 here may explain things a little more clearly for you.
Quote:
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The Land Department has confirmed that the new law applies to all developments currently under construction and to all future developments where monies are to be collected for off-plan sales. It therefore applies to existing developments to the extent that construction is not yet completed and payments are still being collected. For these projects, an escrow account will need to be set up for the payments due after 28 June 2007, and developers have six (6) months (i.e to 28 December 2007) to comply with the new regulations (subject to the Land Department extending this deadline). For those projects with just one payment left to be made, a developer still needs to apply to RERA, although RERA will consider each application on a case by case basis and decide if a special arrangement can be made where developments are close to completion. Consideration will also be given to developers who have paid a bank guarantee to a master developer to protect third party funds and, again, a special arrangement may apply in these cases.
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