Questions & Answers
Can a property buyer authorize a reputable real estate agency in Dubai to act as escrow?
Can Dubai real estate agencies act as escrow for resale properties?
Online transaction. From outside the UAE. A reputable real estate agency in Dubai with a valid RERA real estate license has been chosen. The property is a finished resale property. Not an off-plan property.
Payment would be made to the real estate agency which in turn promises to make sure it will be a fair transaction so that the buyer will receive the title deed, as well as the seller, will receive the payment.
Can or do Dubai real estate agencies usually act as escrow?
Dear Sir/Madam
Many thanks for your inquiry.
In the circumstances, it would be safer for you to appoint a law firm to handle the financial aspects of the property transaction for you.
The real estate brokers can still do the viewings and take part in the price negotiations... etc.
But when it comes to the legal and financial aspects, for your peace of mind, appoint a reputable law firm in the UAE under Power of Attorney, with specific instructions to assist and represent you.
We have dealt with such transactions for clients in Dubai and are property investors in UAE property; we understand the market and procedures very well.
To learn more and for a further discussion, please send an email to me.
Jennifer Arkhurst.
Many thanks.
Hello,
As per the real estate law no. 8 of 2007, please note that only a financial institution or banking institution can be escrow. Otherwise, there should be a permission certificate from RERA.
Please call or e-mail us.
Disclaimer- The above-referred view is not a legal opinion, these opinions cannot be challenged or presented before any court of law.
