Rules for the Operation of the Escrow Account Statute

Release Date:	1439-03-09
Release Tool:	Councils and commissions decisions
Issuance Instrument Number:	220-1
Validity:	Valid
Date of last amendment:	1442-04-11
Summary:	By AI The rules governing the operation of the escrow account for the sale or lease of real estate units off-plan are addressed, where key terms are defined and the process for establishing an escrow account for each project is specified, necessitating the opening of separate accounts. The developer is prohibited from receiving any amounts directly from depositors; instead, these must be deposited into the escrow account, with disbursement criteria based on actual achievement percentages. The develope...

Release Date:

1439-03-09

Release Tool:

Councils and commissions decisions

Issuance Instrument Number:

220-1

Validity:

Valid

Date of last amendment:

1442-04-11

Summary:

By AI

The rules governing the operation of the escrow account for the sale or lease of real estate units off-plan are addressed, where key terms are defined and the process for establishing an escrow account for each project is specified, necessitating the opening of separate accounts. The developer is prohibited from receiving any amounts directly from depositors; instead, these must be deposited into the escrow account, with disbursement criteria based on actual achievement percentages. The develope...