I purchased a unit in Nov-2007 (after the Escrow Account Law was passed) and have already made 2 payments to date. I did not receive any letter/intimation from neither the Escrow Bank nor their solicitors confirming that my money is lying in their safe custody. The only place in the full property Agreement where there is mention about the Escrow Account is under the "Sellers Covenants and Warranties" clause where it says in one plain sentence: "The Seller undertakes to deposit the monies received from the Buyer in the Guarantee Bank Account". What are we supposed to infer from this statement and what is happening in reality - no one knows! Who can throw some light on this in relation to the Dubai Property Market?
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