You know something! Nobody is fooled by escrow accounts anymore. Everybody knows that escrow account doesn't do any good especially in Ajman where up to 50% has been paid and gone and developers are starting escrow accounts. Actually escrow account from the beginning is some kind of security but now, I don't think so. You know what is importany now? That developers go ahead with construction and receive the payments when they deliver the units. Just for your information, the prices in ajman have dropped about 60%. It is not worth it to risk more money with the developers untill they deliver. Finally we will say الحمد لله when we get our apartments, not when you get escrow account.
By the way, I don't know what to cheer about when Al Furkan hasn't built one single stone ( according to R holdings).
its better than nothing and the price has gone down all over the world which we are part of. escrow account means green light to start building plus our money is no longer in alfurqan hands but in a bank. its a very bad situation but this is the only good news we have had in years.
Friends... if you feel so safe with escrow account, then go ahead and continue your payments. But before that call ARRA and ask them:
- Do escrow account guarenttee my money?
- Do escrow accounts in Ajman accounted for money paid before openning the escrow account?
First: You will find that escrow accouints in Ajman are different from those in Dubai because in Dubai escrow accounts are opened before the start of the project and in Ajman they were opened after investors have paid 30% and more and this amount is not accounted for in the escrow account.
Second: Escrow accounts, even in Dubai, don't mean that developer cannot withdrow your money before he reaches the agreed percentage of construction. Actually if some investors have paid 30% and others have paid only 10% and some units are not sold, developer can still withdrow your money to offcet other people's defaults and unsold units. Friends... Escrow account doesn't mean that the developer would keep a separate account for each investor and withdrow only the amount matching the construction. NO, he can withdrow an amount 25% higher than the total construction done. Therfore those who are paying more, are paying for those who are not paying.
My friend who said that prices have fallen all over the world... That is true. But if you still have in your hand 50% of your apartment price, you can buy a ready apartment and let the old one to be solved slowly unless you prefer to give the money to same old guy who hasn't built anything, then this is your choice.
Hi
Why don’t you give us a solution instead of making things worse?
I have paid 70% yes 70% and still have faith because I believe that there is always light at the end of the tunnel. I have waited for 3 years I can wait for 3 more. I took action and went to the constructor and negotiated a deal and I got a new contract.
If reconstruction starts and the project has been registered by ARRA and people stop paying then you will be in breach of contract and you will loss everything. Don’t tell me the didn’t stick to contract for the past three years if they did we would have been able to get something by law but we couldn’t.
This s an email from ARRA yesterday.
Dear all
About alfurqan real estate they complete the registration with us and with the bank also and this is the escrow account numbers if paid less than 30 % you have to continue your payments by the escrow account if you want to help them to start the project faster .
Escrow Accounts have been opened :-
Al Furqan Twin Towers 1 – Al Furqan Real Estate 01-1011665-018 40k
Al Furqan Twin Towers 2 – Al Furqan Real Estate 01-1011849-018 40k
Al Furqan Tower 2 – Al Furqan Real Estate 01-1011851-012 40k
So what if they have ESCROW account
You know something! Nobody is fooled by escrow accounts anymore. Everybody knows that escrow account doesn't do any good especially in Ajman where up to 50% has been paid and gone and developers are starting escrow accounts. Actually escrow account from the beginning is some kind of security but now, I don't think so. You know what is importany now? That developers go ahead with construction and receive the payments when they deliver the units. Just for your information, the prices in ajman have dropped about 60%. It is not worth it to risk more money with the developers untill they deliver. Finally we will say الحمد لله when we get our apartments, not when you get escrow account.
By the way, I don't know what to cheer about when Al Furkan hasn't built one single stone ( according to R holdings).
its better than nothing and
its better than nothing and the price has gone down all over the world which we are part of. escrow account means green light to start building plus our money is no longer in alfurqan hands but in a bank. its a very bad situation but this is the only good news we have had in years.
escrow account
This is a link to an Al Jazeera video. It is in regards to Sports City, Dubai, but it shows the "value" of an escrow account.
http://english.aljazeera.net/video/201061694950451533.html
Escrow account again
Friends... if you feel so safe with escrow account, then go ahead and continue your payments. But before that call ARRA and ask them:
- Do escrow account guarenttee my money?
- Do escrow accounts in Ajman accounted for money paid before openning the escrow account?
First: You will find that escrow accouints in Ajman are different from those in Dubai because in Dubai escrow accounts are opened before the start of the project and in Ajman they were opened after investors have paid 30% and more and this amount is not accounted for in the escrow account.
Second: Escrow accounts, even in Dubai, don't mean that developer cannot withdrow your money before he reaches the agreed percentage of construction. Actually if some investors have paid 30% and others have paid only 10% and some units are not sold, developer can still withdrow your money to offcet other people's defaults and unsold units. Friends... Escrow account doesn't mean that the developer would keep a separate account for each investor and withdrow only the amount matching the construction. NO, he can withdrow an amount 25% higher than the total construction done. Therfore those who are paying more, are paying for those who are not paying.
My friend who said that prices have fallen all over the world... That is true. But if you still have in your hand 50% of your apartment price, you can buy a ready apartment and let the old one to be solved slowly unless you prefer to give the money to same old guy who hasn't built anything, then this is your choice.
Hi Why don’t you give us a
Hi
Why don’t you give us a solution instead of making things worse?
I have paid 70% yes 70% and still have faith because I believe that there is always light at the end of the tunnel. I have waited for 3 years I can wait for 3 more. I took action and went to the constructor and negotiated a deal and I got a new contract.
If reconstruction starts and the project has been registered by ARRA and people stop paying then you will be in breach of contract and you will loss everything. Don’t tell me the didn’t stick to contract for the past three years if they did we would have been able to get something by law but we couldn’t.
This s an email from ARRA yesterday.
Dear all
About alfurqan real estate they complete the registration with us and with the bank also and this is the escrow account numbers if paid less than 30 % you have to continue your payments by the escrow account if you want to help them to start the project faster .
Escrow Accounts have been opened :-
Al Furqan Twin Towers 1 – Al Furqan Real Estate 01-1011665-018 40k
Al Furqan Twin Towers 2 – Al Furqan Real Estate 01-1011849-018 40k
Al Furqan Tower 2 – Al Furqan Real Estate 01-1011851-012 40k
Salaam Abu
Mr. Ashraf also told me that they are going to subcontract construction with Al Madar.
So you mean that ARRA suggested constuction-linked payments?
Do you know what is 40K?
They didn't tell you how much money is in the accounts?
Thanks for good news.
Parham
hi i really dont know how
hi
i really dont know how much they have in the bank i didnt ask.