How to Verify if a Developer Has Deposited Your Funds into an Escrow Account in Dubai
To verify that the developer has placed your funds in an escrow account in Dubai, follow these steps:
Obtain the Escrow Account Number:
The developer is required to provide the escrow account number for your project. This number is usually included in your sales and purchase agreement (SPA) or other official documentation.Contact the Escrow Bank:
Identify the bank managing the escrow account. Reach out to the bank directly to confirm that your funds have been deposited. You may need to provide copies of the agreement or payment receipts for verification.Check with the Dubai Land Department (DLD):
The DLD oversees escrow accounts in Dubai. You can contact them through their official website, mobile app, or in person to confirm that the developer is compliant with escrow regulations and that your funds are secure.Use the Oqood System:
Oqood is the official platform linked to the DLD for property transactions. Ensure that your transaction is registered in the system, as this indicates that your payment is accounted for under escrow rules.Request Confirmation from the Developer:
Ask the developer to provide proof of the escrow deposit. This can be in the form of a letter or receipt from the escrow account bank confirming the transaction.Consult a Legal Expert:
For added assurance, hire a real estate lawyer in Dubai to review your documentation and confirm that the funds have been handled correctly.
Dubai's escrow account system is strictly regulated to protect investors, so developers are legally obligated to comply. Always work with a reputable developer registered with the DLD to ensure transparency and security.