DUBAI, The Dubai Land Department, DLD, has issued a decision to seize the properties and land plots registered under Schon Properties as well as the funds deposited in its escrow account until the Dubai Public Prosecution and Dubai Courts complete the legal procedures for the recovery of all investor rights, 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 DLD calls on all investors to deposit their money in escrow accounts and transfer payments to developers as per the percentage of completion of the projects. The department 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 to all parties and safeguards their rights.
Source: Emirates News Agency