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Dubai Land Department launches new electronic version of its Escrow account software
United Arab Emirates: Saturday, May 21 – 2011 at 12:39
The Dubai Land Department (DLD) has developed the all-new electronic Escrow account software which allows developers to introduce electronic data based on advanced techniques and enable them to complete their work easily and quickly more accurately.
The Escrow System is designed to create a more professional and stable market for investors and to establish a legislative legal framework for real estate transactions in line with state-of-the-art technology that reflects Dubai’s reputation as global business hub. This system will help in attracting more foreign investment to the market and enhance confidence between the contract’s triangle (developer, buyer and the market)
The New amended version of the management software of the Escrow Account was launched by His Excellency Sultan Butti bin Mejren, Director General of DLD. The new version is compatible with the requirements of the current market and fulfills the requirements of providing date of various phases of off-plan sale. It also helps in preparing technical and financial reports. The software links databases used in DLD to those of the projects and other financial statements.