Quote:
Originally Posted by mpat
Try to go and visit sports city and you will see how new and un reputed developers like FALAK , RUFI , BANGASH , PROFILE etc are working,.,,,,
If you maek payment to developers's account then it wont go to ESCROW , you should insist for ESCROW account right from teh beginning or else dont make the payment, Just make 5 or 10 k AED initial amount for blocking the unit and write down on teh reservation form that remaining amount will be paid once the ESCROW is done.
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Quote:
Originally Posted by iloilo
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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Mpat, could you direct me to reliable sources where I can get to know how this escrow thing works in Dubai. I called NBD & they r not sure as to how it works. I have already written post dated cheques in the developer's name & I have got their receipts but not one of the monkeys in the developer's office know how this escrow works. The monkeys say that it is being put in the escrow a/c - how can I verify that? Please help me.