Escrow laws

[mazi]

Hi Evereyone.
I've come across something on another thread re ESCROW rules which sounds quite concerning and just wanted to know if you have any knowledge "for certain" on the subject please.

"just because there is an escrow account, does not mean you will get all of your money back if the project is cancelled. Developers CAN use this money to pay for architecture, project management, salaries, marketing and broker commissions - all unrecoverable in an event of a default. Not to mention the devaluation of tangible assets."

 

[Datum1m]

Hi Evereyone.
I've come across something on another thread re ESCROW rules which sounds quite concerning and just wanted to know if you have any knowledge "for certain" on the subject please.

"just because there is an escrow account, does not mean you will get all of your money back if the project is cancelled. Developers CAN use this money to pay for architecture, project management, salaries, marketing and broker commissions - all unrecoverable in an event of a default. Not to mention the devaluation of tangible assets."

Everything in Dubai is big they have the biggest of everything, but this is a first even for them the Worlds biggest investor losses, forget the credit crunch, forget sorry no finance available. Say a big hello to unprotected Escrow accounts, because its all legal in Dubai, its Escrow heaven for Developers. Yes Dubai as an Escrow account system that leads investors to think their money is safely tucked up in its Escrow bed, when it as really gone nether to be seen again. The Developers can claim for everything you have stated, but the biggest thing they can take out of it, which will hit your pocket in a big and special way is the LAND payment.