دراسة تحليلية مقارنة في تنظيم حساب ضمان مشاريع التطوير العقاري في التشريعات المحلية

Abstract EN

The scope of real estate development projects was extended to include the construction of multi-stores buildings or complexes for residential, commercial, and mixed purposes as well as their facilities, construction of infrastructure and service facilities in the event of sale of plot lands, as well as industrial project buildings.

The viability of the real estate development activity required the regulation of Escrow account of the Real Estate Development projects legislatively, which is the bank account registered in the name of the real estate development project.

This account is used for payment by the buyers of the real estate units sold on the scheme as well as the payments of loans to the financiers of the project.

However, despite the importance of this type of accounts and its association with development projects, it was not regulated by federal law, but rather by local legislation.

This led to consensus and difference in regulating the escrow account, as its regulation has positive and negative aspects which were explained in this research.

Reality has witnessed serious challenges to the development activity of Real estate, a threat to the rights of unit buyers on the map, and a noticeable abstention due to a decline in the confidence in real estate developers’ implementation of their legal and contractual obligations, as well as the failure to estimate the realization of the purpose of its regulation.

However, this raises two serious problems, one of which is related to the failure to implement or cancel the project, and the second is the negative impact on the creditors’ rights.

To this are added the indirect negative impacts on economic development, the decline in consumer confidence in buying real estate units on the map, and the reluctance of real estate developers to finance them except to the extent that allows them to obtain their full rights, even at the expense of the remaining Real estate creditors, and create real estate disputes which may be prolonged.

This led to this critical study, along with the suggestion of supporting tools to ensure the implementation of real estate development projects without the escrow account, and the developer’s responsibility towards its creditors.

The study included an introduction, two parts and a conclusion in which the most prominent research results were mentioned, along with the recommendations that are deemed capable of developing legal regulation in this field.