The structure and management of the owner’s association is a recent addition to the property landscape in Dubai and it has all the powers to recover the service fees from default owners.
The association has to create awareness on payment terms and conditions and has to work in compliance with Dubai’s regulatory arm of the land department. Ascent Escrow ProMart application is built with a fuzzy logic in the back-end to cater to all the complex calculations required for RERA validations and approvals.
However, error prone manual processing of cash flows and documentation of association funds is threatening the transparency and increasing vulnerability to damage and fraud. The use of the owner’s association escrow softwares decreases this risk.
To ensure transparency, banks are authorized to track the owners’ transactions and the defaulter list. Escrow ProMart© software applicable in over 180 Countries in the world including Qatar, Oman, Dubai, Abu Dhabi, Riyadh and Jeddah in Saudi Arabia enables this functionality through real-time tracking and provides facility for automatic or manual payment, ownership calculation and repayment management.