Request to Cancel Registration of an Escrow Agent/ Audit Firm
Request to Cancel Registration of an Escrow Agent/ Audit Firm

Description

This service allows banks and financial institutions to submit a request to cancel the registration of accredited account trustees and audit offices at the Real Estate Regulatory Agency.


Service Form

Not Applicable


Required Documents

Account Trustee
1- A pledge to provide RERA with any required information after cancellation.
2- Undertaking to abide by the terms of the account trustee’s agreement with RERA regarding cancellation.
3- Undertaking to transfer all project escrow accounts' belongings to the transferred account trustee within (3) working days.
4- Undertaking to immediately transfer the deposits collected after the account transfer process to the escrow account with the new account trustee.

Audit Office
1- Submit all remaining financial reports to RERA
2- Undertaking to abide by the terms of the audit office agreement with RERA regarding cancellation.
3- An undertaking to provide RERA with any information required by the institution after cancellation


Service Terms

Account Trustee
Notifying developers of the necessity to transfer project escrow accounts to another account trustee approved by Dubai Land Department within one month from its date.

Audit Office
Not Applicable


Service Fees

Free Service


Service Procedures

Step 1: The application will be sent to the Real Estate Regulatory Agency by e-mail
Step 2: RERA studies the request of the strategic partner, checks it, and issues approval or rejection
Step 3: The cancellation certificate is sent by e-mail



Payment Method

Not Applicable



Service Channels

Email



Issued Documents

Certificate of Cancellation



Service Time

Waiting time 29 working hours
Serving time 28 working hours