NO ESCROW accounts in AJMAN. trust management account only
Dear all there is NO ESCROW accounts in AJMAN.
its actually something to do with the land department in AJMAN NOT recognising the ESCROW. so the developers and banks got together and applied this TMA for the new laws to protect investors in AJMAN.
Developers and brokers should undertake a campaign to raise awareness of the new Emirate of Dubai property law, Law No.8 of 2007, which provides protection for investors buying ‘off-plan’.
The trust management account was strategically activated following the passing of Law No.8 of 2007 concerning guarantee accounts of real estate developments in Dubai which came into effect in July 2007. The new law aims to protect purchasers in off-plan transactions by creating trust accounts where installation payments are managed. Badr Al-Islami is the first finance house to be approved by Dubai Land Department to provide these accounts.
ESCROW/TMA approved, and takes into account future material costs. so although the projects in AJMAN are NOT ESCROW, you should ensure THEY HAVE a TMA. (trust management account)
Your thinking "why would Dubai law apply in Ajman" because R.E.R.A (Google that name) want a uniformed approach once and for all to protect investors. after November 1st things will change. I for one welcome the new laws, forms, sales methods.