RERA/ Escrow Account Audit
Real Estate Developers are required to get their project escrow accounts audited annually for each project under development. HLB HAMT’s rich experience in Project Trust account audits, and legal compliances, in line with guidelines prescribed by RERA, goes a long way.
With our experience in dealing with major property developers in the UAE, a cordial relationship with the RERA Trust Account department as well as the Account Trustees, we are in a position to act as a consultant to developers to comply with RERA regulations. We have a team dedicated to Project trust account audits, available year-round to provide advice to developers on compliances required by RERA.
Our relationship with RERA permits us to obtain prompt clarification on any unforeseen complications or amendments to the RERA guidelines.
How we ease the process
Our documented trust account audit procedures enable us to deal with complex situations such as transfer of funds from one escrow account to another; or long-term projects, where cash is collected prior to opening of escrow account.
Over the years, our team has developed a thorough understanding of various laws prescribed by RERA, thereby enabling us to prepare accurate audit reports, complying with RERA regulations.
In addition to project trust account audits, our team carries out the preparation of project cash flow statement in R/T/02 required for opening of Escrow Account.
Frequently Asked Questions
Is Escrow Trust account audit needed if construction is completed in mid of the year ?
Generally, Audit for that year is not needed if construction is completed during the year. But, its always advisable to check with RERA, as they need to approve(based on case to case basis) if audit is not required.
How to Download TAS Report from Oqood Portal?
After login from Developer login ID and password – Go to – Reports Tab – then click on Payment reports.
What if an investor deposits cheque or developer receives money in their corporate account instead of escrow account?
If the developer receives any amount relating to Sales of units in their corporate current account, then they need to immediately transfer the amount into the escrow account maintained with account trustee bank.
What is the procedure if combined amount pertaining to more than 1 unit is directly deposited into the escrow account?
The developer should approach the account trustee bank to update the details of amount received for particular unit and ask the bank to update/allocate the same in TAS System.
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