Module 1: off-plan law
The interim register and Oqood. Law No. 13 of 2008: an off-plan disposition not entered in the interim register is void, and so is a contract signed before the project is approved.
Escrow accounts and payment plans. Law No. 8 of 2007: buyers’ payments go into a project escrow account used only for that project. The escrow agent keeps 5% after the completion certificate. The penalty is jail and/or a fine of at least AED 100,000.