This service allows banks and Financial Institutions to apply to deregistration of approved Account Trustees and Auditing company at the Real Estate Regulatory Agency.
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Account Trustee: 1. Undertake to provide any post-cancellation information and comply with terms of the escrow agreement.
2. Undertake to notify developers of account transfers to a new approved escrow agent.
3. Commit to transfer all escrow project-related data to the new agent within 30 working days.
4. Undertake to immediately transfer any post-transfer deposits to the new escrow account.
5. Commit to keeping the escrow account open for at least 3 months and no more than 1 year after cancellation.
Auditing company:
1. Complete and deliver all outstanding financial reports via the escrow system.
2. Undertake to comply with the audit agreement terms and provide any required information post-cancellation.
Account Trustee
Notifying the developers of the need to transfer the projects' escrow accounts to another Account Trustee approved by the Department within one month of their date.
Auditing company
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Free service
Step 1: Review the requirements on the website and submit the request via email.
Step 2: The authority reviews and audits the request.
Step 3: Cancel the escrow Trustee / financial auditor from the approved list.
Step 4: Update the systems (update the registry by deactivating the escrow Trustee and audit firm records, revoke system access, disable the username, and remove it from the website) and send a notification by email.
Step 5: Send the cancellation certificate via email.
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1- The website of the Dubai Land Department
2- The email address
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5 Business Days
Banks
Company