6 Days
Source:
صدى البلد
Parliament considers extending intermediate accounts in real estate
Representative Ahmed Alaa Faied advocates for the strict implementation of an Escrow Accounts system in real estate development projects in Egypt, aiming to protect buyers' funds and reduce legal disputes related to delayed handovers and company insolvencies. This system parallels protections seen in Dubai, Singapore, and the United States, and seeks to tie the disbursement of funds to the actual progress of the projects, thereby enhancing transparency and market stability. The proposal calls for the mandatory expansion of escrow account requirements to cover all projects, prohibiting the collection of any payments outside these accounts, and introducing banking regulations and legal guarantees to safeguard buyers' rights in cases of project failure.
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