Ascent Escrow ProMart© in compliance with Real Estate Regulators
The Realty Sector in GCC countries such as the UAE, KSA, Oman, Qatar and Bahrain and India, is poised for rapid growth, given the growing business needs of the global banking, and financial industry – the continued trust and confidence shown by International Investors, both institutional and individual.
Simultaneously, Real Estate Regulatory Agencies such as RERA, SAMA, AERA, Ministry of Municipality and the regulatory arm of the Land Department, have immediate concerns about Governance, Compliance, Monitoring and Operational Automation.
Ascent Escrow ProMart© is a Real Estate Escrow Software, designed to bridge the current gaps in the Real Estate Industry, thereby safeguarding stakeholders’ growth.
Ascent ProMart Escrow Account Management
Ascent ProMart Escrow Account Management Software is configurable Out of box system designed to meet Real Estate Regulatory requirements and is successfully Implemented with more than half a dozen banks in GCC countries enabling them to grow their real estate/escrow business.
The Real Estate Escrow Management solution 100% meets RERA rules and guidelines and we can confidently state that all business requirements given by Bank are readily available as part of our Out of Box configuration.
Ascent ProMart will facilitate Bank’s Escrow Account Management services provided to its clients and simplify the operational process of project registration; escrow accounts opening at the developer level, retention account, as well as, sub-account opening at the investor level. It allows the Bank to validate that all required documents (pertained to RERA or the Bank) are available before the Escrow account is opened and linked to a specific project via a dual authority (maker-checker concept).
The Real Estate Escrow system calculates the retention amount, monitor all deposits/payments made into the escrow account and each of the sub-accounts, and accurately identify or match each deposit/payment, and generate relevant reports. Moreover, it handles different types of controlled disbursements (Construction Payments, Project Management Payments, Broker | Marketing payments,) according to rules set by RERA.
The Real Estate Escrow system has the facility to store electronic copies of all documents submitted in relation to each project and transaction. It generates reports as per the format required by the Bank and RERA, such as Project Status, Buyer / Unit List, detailed Buyer / Unit Payments, Reconciliation Report (matched and un-reconciled transactions), Annual Audit, Audit trail,…
Recognition for Innovation
Ascent Escrow ProMart© has received the Intellectual Property Rights Certificate from the Ministry of Economy, UAE, for innovation and advanced technology!