An escrow account is a third-party account used to hold funds safely during a transaction, and it’s a critical component of real estate development in the UAE. This service protects both developers and buyers, ensuring that funds are released only when specific milestones are met.
Ensuring Financial Security
Escrow accounts act as a safeguard for both developers and buyers. When buyers purchase a unit in an off-plan project, their payments are deposited into an escrow account managed by a licensed escrow agent. The funds are released to the developer only when the agreed-upon milestones are completed, ensuring financial security.
Regulatory Requirements
According to UAE law, developers must use an escrow account for off-plan property sales. This not only protects buyers but also ensures that funds are available to complete the project. SUMM Consulting Group helps you set up and manage escrow accounts in compliance with UAE regulations.
Efficient Fund Management
Managing an escrow account can be complex, but with the right support, it becomes a seamless process. Our team works with developers to ensure that the funds are used correctly and that the milestones are clearly defined for smooth progress.
With SUMM Consulting Group’s assistance, you can rest assured that your escrow account will be set up and managed properly, ensuring financial transparency throughout the project.
