Settlement Account

A settlement account is a designated bank account used to hold and transfer funds during a real estate transaction closing.

Account FunctionVerification
Payment collectionReceives buyer funds
DistributionPays seller and fees
EscrowHolds funds during due diligence
VerificationConfirms payment received
Dubai ProcessMethod
Trustee officeDLD-approved accounts
Developer escrowOff-plan specific accounts
Same-day transferImmediate at completion
ElectronicWire transfer standard

Related Terms

Escrow Account (DLD-Mandated)Trust Account (Escrow for Off-Plan)Escrow Law (Dubai)Closing Process Payment TransferTrustee Office

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