Who is Park Properties?
Park Properties is a promising Master Property Developer based in Ajman who has launched several projects such as Park View, Park Avenue, Al Jurf Showrooms and others which are to be launched soon. Park Properties belongs to a prestigious group of companies with the vision to be one of the world-class developers offering state of the art designs and master plans.
 

What is an Escrow Account?
Escrow is a legal arrangement in which an asset (such as cash, real property or other tangible assets) is deposited into safekeeping (e.g., a bank account) under the trust of a neutral third party (escrow agent) pending satisfaction of contractual contingency or condition. Once the condition has been met, the escrow agent will deliver the asset to the party prescribed by the contract.


What are the benefits of an Escrow Account System?
The benefits of an escrow account includes, ensuring the safety of the end users’ investment security by allowing an independent bank or trustee to handle the funds relating to their payment for their property investment. It also includes the confidence gained by the Developers in their transparency to their payments and remittances from their customers. It allows the Master developer and the trust bank to monitor their cash flows. 

Is Escrow Account mandatory or voluntary for your developers?
It is a mandatory obligation of Park developers.


Who are the signing officers of the Escrow Account?
 The signing officers include the authorized officer of the developer and Park Properties.
 

Does Park Properties being the master developer monitor the Escrow Accounts of their developers?
Yes. Escrow accounts for plots are held as a joint account between Park Properties and the developer.


I am a customer of an apartment unit in whom Park is the master developer, I purchased it from one of your developers, can I verify information from you?
Yes as long as it within our scope of authority, control and confidence.


I am an individual planning to purchase an apartment from one of the towers Park Properties is developing. How can I verify the integrity of the developer?
To make sure of the security of your investment, a sales agreement must be made between you and the developer in whom you are purchasing from. All of the terms and conditions must be stated clearly including the payment plans and other related information. Make sure that the developer you are dealing with have an escrow account duly approved and maintained and monitored by Park Properties. Payments can be made directly into the escrow account.


Suppose I am a customer of one of your developers and made an investment by paying to them some certain amount on a buy back conditions. In any case their checks bounce due to insufficient funds, can I go to Park Properties for help?
No. Park Properties is not responsible for any buy back policy.


Is Park Properties a broker of apartment units?
No. Park Properties is the master developer of the project.