Dubai Land Department seizes Schon Properties’ assets and escrow funds
Aimed at protecting the rights of investors “in light of Schon Properties’ actions of exploiting investors,” says DLD
The Dubai Land Department (DLD) has confiscated properties and land registered to developer Schon Properties. The DLD has also seized funds in the developer’s Escrow account, while Dubai Public Prosecution and Dubai Courts complete legal procedures for the recovery of investor rights and securing the rights of other parties, according to a story by Gulf News.
“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,” said a statement from the DLD.
Further, the department appealed to all investors to deposit their money in Escrow accounts and transfer payments to developers, as per the percentage of completion in the projects.
“It 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,” it stated.
The initiatives are said to be in line with the department’s efforts to contribute to sustaining a well-regulated and transparent investment environment that provides necessary protection for all parties and safeguard their rights.
