Originally Posted by Sixgun

Hi, I will help keep this on top,

Regarding escrow, can anyone give advice on this situation ??

I was about to pay my 30% deposit to developer, (for sportscity) and they said
"wait for 4-5 days, we are currently having to swap all accounts to a new one to comply with RERA escrow laws etc etc"- fair enough

When they sent me account details, it was simply in the developers name.

I witheld payment, enquired why it was not an escrow account, and was told, "because mine is a re-sale, therefore that money will go to previous owner, and the money currently in his escrow will be used to pay for your 30%. basically said that once money is paid into an escrow, it cant be removed, so this is how re-sales are acheived.

sort of makes sense, and I pretty much trust them, but i was also informed that i could not receive my S&P contract for 4-8 weeks, because they have re-submitted licience/plans to add extra floors.etc.

All seems complicated, but I understand that building a new city will be, i still have not transferred the funds, but i will lose the place if I dont soon.

Any ideas??