Help with understanding escrow accounts
Hi,
Can someone please clarify my understanding of escrow accounts, which is ...
the escrow account is linked to staged development, therefore our money will be utilised as and when key milestones in construction are achieved.
who manages the escrow account in some countries this is an independent trustee that can veryify the work is done before releasing the money, is this the same in ajman. Do they publish the trutees details ????
what happens if the developer has asked for 50% of the money up front and the rest is staged based on development? If he takes 50% of the money and only builds 10% and runs out of the money. what protection would there be in place for investors?
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Escrow is fraud also
I paid all the post dated cheques to Sweet homes at the time of making contract. After opening escrow account they are withdrawing the cheques as before. Apparently there is no regulatory body thet will restrict them to get the money if they are not proceeding with the costruction work adequately. They have free access to the money as before.
One of my cheque was reurned by the bank due to "signature not matching". SH people sent me many SMS messages and emails that you immediately replace the cheque , otherwise we will charge Dh 1000 for the returned cheque and 5 % per day penality for late payment. i asked them what penality they will pay for delaying the project . Buut they did not reply.
I have paid 60% and the construction is only 20%. That means the ESCROW ACCOUNTS ARE BIG FRAUD.
It's ESC+Row= cancel line
Its a combination of ESC, which in IT language means "cancel" and Row which means "line"; hence it means "Cancel line", nothing more nothing less.
hahaha well i am glad we can
hahaha
well i am glad we can have some wit at these difficult times,
sabr sab sey mithay phal hain
patience is a virtue.
Musafir Moderator
Email sent to ARRA - waiting response
I have fired off an email to Arra on this topic, Im not holding my breath for an answer but if I get one I will post it. I would encourage a few others to do the same at least someone may get a response.
Dear Sir/Madam,
Please can you provide me with details how the escrow accounts are regulated, I and many others are interested in understanding how the funds are released to the developers and who controls the release of these funds and what criteria and checks are used when releasing funds to developers.
For example, if the developer has collected say 40% of the money in an escrow account and has only completed 10% of the work, would you continue to release the money.
If the developer collects 100% of the money but only completes 60% before depleting the investors funds what protection if any does arra have in place to manage this situation.
I look forward to your reply.
work with me.....
if anyone is local in ajman , please can you pose arra the above question. it's a good thing i didnt hold by breath for an answer.