Registering a Trust Account for a Project

Description:

A developer is to register the details of a project’s trust account, where predetermined sums of money paid by buyers or investors for the project, are to be deposited

Necessary Documents:

• Accredited copy from the land department’s trust account inspector(encompassing the fully detailed agreement between the developer and the inspector).
• Financial Statement estimating costs and revenues of the project accredited by a legally certified auditor
• Project undertaking letter from the sub-developer to start Construction work for the project after attaining the approval of the main developer to sell from the site plan. (Or) a project undertaking letter from the main developer to start the construction work if there was no sub-developer.
• Sales contract copy (between the developer and the buyer)
• A letter finalizing the registration of the developer in the developers’ records at the department.
• Architectural designs and plans for accredited projects from specialized bodies and main developer