Consolidation stares small Dubai realtors in the face | ZAWYA MENA Edition:
The Dubai Land Department's (DLD) recent decision to seize the properties and plots of land registered in the name of Schon Properties and its funds deposited in an escrow account reflects how the regulator is going an extra mile to safeguard the rights of investors and buyers.
"The step is aimed at protecting the rights of investors in light of Schon Properties' actions of exploiting investors by refraining from depositing their money in escrow [guarantee] account," the DLD said.
The escrow law was meant to ensure that developers deliver prescribed percentages of construction before drawing down on these funds.
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