Email from sweet homes escrow account
Hello. Every investors . I have like you all recived email from generell manager from Sweet homes that they have now escrow account ready.
I want everybody to understand that we dont have to pay more even to this acount. We have paid according to the plan , paid 50 % to hand over . Rest we have to pay after we get the FLAT ( the keys ) . According to property practice, buyer dont have to pay all money before the project is finish and you get the keys. THESE ARE ALL CHEATTERS ( SWEET HOMES DUBAI AND LONDON) . They can be glad at they are in UAE if these where in USA or Europe they would have serious problems . In these countries we have laws and protection aganinst these lotters. But sorry that we have bought from these.
We should just stay together and stop payment to the sweet homes. The contract is clear. WE DONT HAVE TO PAY ACCORDING TO PROGRESS (CONSTRUCTION ) JUST TO PAY THE REST 50 % FOR INTERREST FREE OVER 2 YEARS.
thats right
well said dubai dreamer, we are on the same boaght resissting the winds
doubts on escrow????????
And if the developer is asking for more.I am having doubts abt escrow accounts also.
Because money in escrow is not going to help the developers also until they complete certain level of development.so why are they forcing us? as the mon ey will not help them.
so they should allow us to keep our money.
are the escrows just an eye wash or investors?????????
doubts on escrow
Good question - if escrow money cannot be touched till construction progresses, why are developer's pushing so hard for us to pay into the escrow account even when there is no construction progress.
I can only think of a couple of reasons:
1) They have loopholes to access the money. For instance, in Dubai - they could access escrow funds for non construction costs - like marketing etc. Lots of developers took advantage, and since then, the rules in Dubai have been made stricter. In Ajman, where none of us have seen the laws etc... it is very possible, that developers have room to access the escrow account, for non construction purposes.
2) A bigger balance in a developer's escrow accounts - may allow the developer to borrow more - by demonstrating a stronger cash flow to the bank.
Just guessing on my part - I think it is likely #1....
Escrow Account
Tuma, I fully agree with you, dreamer and others. This escrow account could be another scam. I have resigned to the fact that dreaming could be a soothing option.
Regards