Dubai’s real estate regulator slaps firm with Dh50,000 fine for violating escrow rules – The National

Dubai’s real estate regulator slaps firm with Dh50,000 fine for violating escrow rules – The National

Dubai's real estate regulator slaps firm with Dh50,000 fine for violating escrow rules. Dubai's Real Estate Regulatory Agency (Rera) slapped a Dh50,000 fine on a property company found in violation of laws related to escrow accounts and advertising homes for sale.. Rera urged real estate companies to abide by regulations that oversee real estate advertising and marketing practices, according to a statement on Saturday from the regulator.. "Through the processes of control and auditing of real estate advertisements undertaken by Rera's cadres, a company was found to have committed a group of violations related to the promotion and advertising of real estate projects not registered under its name," Rera said.. The company's violations also include issuing investment contracts to customers of those projects, receiving amounts outside the escrow account, and launching a promotional campaign without obtaining the necessary permits from the concerned authorities, Rera added.. The regulator did not name the offending company.. Rera specifically referenced Law No. (8) for 2007 on the Matter of Escrow Accounts for Real Estate Development (the Escrow Law).. The law was issued to regulate developers and safeguard buyers' money with regards to off-plan property purchases in Dubai.. Dubai recorded 1,824 property sales transactions worth