Real estate expert Walid Al-Zarouni warned against offers of real estate projects on the scheme that deal outside the escrow account, which is considered a violation according to the laws and legislations related to the projects under completion.
Al-Zarouni said in statements to "Emirates Today" that the companies and real estate brokers who place such advertisements require the customer to pay cash in the company's account or the real estate broker in exchange for the discount, pointing out that some of these ads offer discounts of 30% to 40% in Cache payment status.
Al-Zarouni explained that these campaigns are not compatible with the nature of the projects for which there is an escrow account that must be deposited in it, especially since these announced projects are incomplete projects.
He explained that the escrow account law, which was issued in the year 2007, is a financial tool for preserving the rights of all parties, through which the department maintains amounts from real estate developers, and it is not delivered to them unless the property is delivered to the buyer, and these funds remain in the escrow account until the unit is delivered Permanently.
Al-Zarouni stressed that the pretext of these marketing is the current conditions in the real estate market from slow sales movement due to the repercussions of the global health crisis as a result of the Corona virus pandemic, but this does not deny a violation, calling on the authorities responsible to verify real estate ads, especially what is published social media platforms.