Property Law Help Please

[Magnoliaowner]

Help

After a 2 1/2 year court case I have recently won the case in the Dubai courts and have a court order for the developer to repay the money i had paid as a deposit (30%) for a property. I then received the information from the banks listing all the account details of my developer mentioning the amounts in each account. I was then informed by the courts that as all of these accounts are ESCROW accounts that it will be much harder for the court to secure the money from the bank?

I have now had to submit an request to the land department (via the courts) to get an official status update on my project... (it was supposed to be delivered to me in 2009 and after frequent visits to the site there has not been so much a s spade on the ground at the site) if he status is not listed as "cancelled" i have been informed that it becomes close to impossible to recover my money form the ESCROW account??

Can someone help me and let me know if this sounds correct.... surely the escrow account is supposed to protect us as investors?

 

[Deja]

Hi I am Deja. I am glad to be here. Its one of the most informative platform. The demand of property forum is good to some extent. Property law is very vast and spread in their whole country so Its application must be imposed to public at large.

 

[pro]

If the money is still in the escrow account you will eventually get your money but from experience I know that nothing will happen at the Land Department until the project is officially cancelled. You need someone that knows the land department and can go there every 2 days to follow this up because if you dont you will wait forever to get your money back.