Questions & Answers
Action against the developer for violating the rules of escrow account
Hi,
What action do I take if a developer has accepted cheques from me (towards my 30% off-plan payment plan) that were made payable to the company (and not payable to the specific escrow account for the developer's project I am buying from)?
Is this illegal and voids my SPA contract with the developer?
Thanks for your advice.
The escrow account is a system established by the real estate legislator to protect buyers. Payments must be transferred from buyers to a legitimate escrow account.
In the event that the developer agrees to pay him without transferring to the escrow account, you can file a complaint against the developer with the Land Department, which notifies the developer of immediately removing the violation according to the provisions of the law.
You can contact us via email.
Dear questioner,
As per the land department guidelines, all payments from the clients to a developer has to be done in ESCROW account only.
You can initiate a complaint with the land department for the same.
If need be, kindly contact us by phone for a detailed discussion or write to us at our email for further assistance.
Hello,
You should raise this issue with the Land Department immediately.
For any queries, please get in touch at our email or phone.
Regards
He should have demanded the escrow account.
You can complain to the land department and base on your SPA you can challenge it in the civil court. Your SPA is legal, no worry.
Feel free to contact me for further consultation on phone.
