what is an escrow account? what is the purpose and application?

A real estate escrow account is a bank account associated with a real estate project, where funds from property buyers and financiers are held.

The escrow account is designed to ensure the regulation of building and construction processes for units sold on the map (Off Plan), protecting the rights of investors. The provisions of the law are applicable to all real estate developers in Dubai who are selling real estates on projects within the Emirate of Dubai, and will receive payments from buyers or financiers.