Quote:
Originally Posted by Peter Mitry
Hi Mattw
Are you talking about any particular Developer? I have five properties with Resort Alliance in Sahl Hasheesh. All money with them is held by their trustees in Escrow until payments have to be made to the Developer. This way the Developer does not get any money until he signs off on each stage of the project; if he goes out of business or does not complete he does not get paid and RA find another Developer to finish the job. So far everything has been fine and the Developer has no problem building with his own cash and waiting for the money from Escrow when it is due.
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Dear peter
Have you seen a copy of the escrow agreement that RA have for Sahl projects. Perhaps you would post it on the forum if you have a copy. I'm interested to see how its structured . Some ive seen are heavily weighted in favour of the developer anyway (as its him thats usually arranging it and i expect few clients actually read it) .