Dubai – Masaader News
The Dubai Land Department (DLD) has issued a decision to seize the properties and land plots registered to Schon Properties and its funds deposited in Escrow account until the Dubai Public Prosecution and Dubai Courts complete legal procedures for the recovery of all investor rights and securing the rights of other parties.
The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in Escrow (guarantee) account.
The Dubai Land Department calls on all investors to deposit their money in Escrow accounts and transfer payments to developers as per the percentage of completion in the projects. DLD stresses that this is the only way investors can preserve their money and ensure their rights are protected. Buyers are not advised to make payments to developers outside Escrow accounts.
The Department explained that the move is part of its efforts to effectively contribute to sustaining a well-regulated and transparent investment environment that provides necessary protection for all parties and safeguard their rights.