7 Articles in the Regulations Governing the Real Estate Contribution Guarantee Account

The Authority shall establish the definitions and procedures for opening and managing a security account, the duties of the account custodian, and the conditions for closing the account, following its approval.
Real Estate Contribution Guarantee Account

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The Authority published the regulations governing the guarantee account for real estate contributions, which included seven main articles. The first article defines the escrow account as: the bank account specific to the real estate contribution, and defines the account custodian as a banking institution licensed by the competent authority,

Article 2 states that these regulations aim to govern the escrow account in real estate contributions Article 3 addressed the provisions related to opening the account and the mechanism for establishing subaccounts linked to the main real estate contribution account, Chapter IV is devoted to provisions governing the management of the main account and subaccounts, as well as the mechanisms for disbursements from them. Article 5 outlines the duties of the account custodian and the obligations incumbent upon him, The regulations in Article 6 stipulate that the licensee may not close the escrow account after the real estate contribution has expired and the funds have been returned to their rightful owners until the General Real Estate Authority has given its approval.