We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After perusal of:
- Federal Law No. 5 of 1985 Issuing the Civil Code and its amendments;
- Law No. 7 of 2006 Concerning Real Property Registration in the Emirate of Dubai; and
- Regulation No. 3 of 2006 Determining Areas for Ownership by Non-UAE Nationals of Real Property in the Emirate of Dubai,
Do hereby issue this Law.
This Law will be cited as “Law No. 8 of 2007 Concerning Escrow Accounts for Real Estate Development in the Emirate of Dubai”.
The following words and expressions will have the meaning indicated opposite each of them unless the context implies otherwise:
Emirate: The Emirate of Dubai.
Department: The Land Department.
Chairman: The chairman of the Department.
Director General: The director general of the Department.
Register: The register maintained by the Department for registering Developers.
Escrow Account: The bank account of a real estate development project in which the payments made by purchasers of Units sold off- plan ...