the General Real Estate Authority has warned of the risks of scams and fraud, emphasizing the importance of using approved payment channels and ensuring that funds are reserved and deposited in a secure and reliable manner, to avoid cash transactions or transfers to unlicensed intermediaries, thereby ensuring that payments reach their rightful recipients and that all your financial transactions are officially documented to protect your rights.
Risks of Transferring Funds to Personal Accounts
Lack of Legal Financial Proof:
A transfer to an individual’s account or that of an expatriate worker does not constitute legal proof of rent payment, which leaves you vulnerable to being asked to pay again.
Difficulty in Tracking and Recovery:
Funds transferred to unknown parties or fictitious offices are difficult to trace and recover once you discover you have been defrauded.
Supporting real estate fronting:
Transferring the amount as a service fee or rent to foreign workers contributes to a violation of the regulations combating real estate fronting and contravenes regulations and instructions.
Beware of personal accounts and fake brokers
The Authority has emphasized the need to exercise caution when dealing with personal accounts andfake brokers, and to ensure the use of approved payment channels, which helps protect payments and formally document financial transactions.
