|  | | Ras Al Khaimah joins escrow club |
 | | 24 May 2010 |
.jpg) Developers will also have to place themselves on the register of Developers to be created by the RAKIA. Penalties of no less than Dh 100,000 have been threatened for those caught breaking the rules and not registering or placing funds in an RAKIA escrow account.
A few weeks ago the Ajmani government also issued its own escrow and freehold law. Developers in the emirate must now place 5% of the buyer’s deposit in escrow which cannot be released until completion of the project. In a separate development, Ras Al Khaimah is also examining offering international investors long-term residency visas in exchange for purchasing a property. |
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