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What money must be paid into an ESCROW account? And For what purpose can money be paid out from the ESCROW account?

April 26, 2017account escrow money paid purpose

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What money must be paid into an ESCROW account? And For what purpose can money be paid out from the ESCROW account?

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All money received from purchasers in off-plan transactions (including money received from their mortgage companies) as well as the proceeds of property development finance must be paid into an ESCROW Account for the phase1.