The real estate escrow account is a bank account of a real estate project in which the amounts collected from purchasers for the units sold off the plan (on the map) or from the financiers of the project are deposited.
The escrow account aims to regulate the building and construction processes of the units sold on the map guaranteeing investors’ rights. The provisions of the law apply to the developers (all real estate developers in Dubai, without exception), who will sell real estates on the map of the projects in the Emirate of Dubai and, in return, receive payments from the purchasers or financiers.
