RERA partners with CBD to Offer Escrow Services for Owners’ Association
The move will “minimise associated risks” as RERA looks at simplifying processes for UAE property owners
The Real Estate Regulatory Agency at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai (CBD) that focuses on offering escrow account management services to Owners’ Association (OA) communities in Dubai.
The agreement was signed by HE Eng. Marwan Ahmad Bin Ghalita, chief executive officer of RERA and Dr Bernd van Linder, chief executive officer of Commercial Bank of Dubai.
Through this agreement, CBD, under the supervision of RERA, will open escrow accounts for Owners’ Association to help regulate the relations and service agreements with property owners.
Ahmad Bin Ghalita said: "We are pleased to sign this agreement with Commercial Bank of Dubai that will act as a trustee for escrow accounts opened in the name of the Owners’ Association.
“The Bank will supervise the owners’ contributions that are deposited and withdrawn in accordance with RERA regulations. We are always looking to form strong partnerships with leading banks to ensure a seamless process for our customers, consolidating Dubai as an ideal destination for real estate investment”.
van Linder said: “CBD is proud to partner with RERA in offering escrow services to Owners’ Association communities, in line with the new law that aims to protect property owners’ rights and assist in minimising any associated risk. The partnership also reinforces our commitment to support Government-backed initiatives in the UAE and to improve upon its real estate industry.”