Guarantor Account
- Each real estate development project shall have its own independent account. If the developer undertakes multiple projects, a separate account must be opened for each project, based on a request submitted to the administration along with the required documents.
- The account is opened under an agreement between the developer and the bank, defining the rights and obligations of each party. This agreement must include the following:
The name of the developer and the agreement signed between the developer and the owner, in case the developer acts on behalf of the owner.
The criteria and regulations that must be met before any amounts are disbursed to the developer from the account.
The amount of payments made to the developer during the execution of the project, accompanied by a report from the project consultant indicating their entitlement, after being approved by the authority, in accordance with the stages of implementation.
Linking the payments deposited by buyers in the account to the actual progress of the construction work, according to a report prepared by the developer and approved by the authority.