Trust Account system (TAS) is a central system for trust account operations (Approvals and Financial Transactions). It is a gateway and communication medium between developers, account trustee, Audit firms and Real Estate Regulatory Agency (RERA). The system provides interfaces to manage and track payments and project progress online with Full amortized approval cycle for payment release.
The main objectives of the trust account system (TAS):
• Automating approval cycle: by moving from manual procedures to a unified online system which can be accessed by different actors such as developers, banks, inspectors, investors, and Dubai Land Department to complete the request lifecycle.
• Save Time: by providing the user with an online access, there is no need to visit Dubai land Department for every step throughout the request lifecycle as the user can submit everything online.
• Easier Payment: by providing a unified payment gateway which enables the user to pay immediately or schedule future payments using a variety of payment methods.
• Increase quality: increase the quality of information acquired by implementing strong validation in addition to enhanced input controls and achieving capacity.
• Increase the ease-of-use: by dynamically rendering the minimum amount of interface fields required to complete a certain process.
Trust Account System (TAS): Course Outline:
• Project Registration Process.
• Project Cancelation Process.
• Change Project Name.
• Project Activation Request.
• Project cap variation request.
• In-Flow Requests:
o Developer Equity Payment Request
o Mortgage Payment Request
o Partner/Investor Equity Fund Payment Request
o Buyer Payment Request
o Interest/Profit Payment Request
o Retention Payment Request
• Out-Flow Requests:
o Construction Payment Request
o Infrastructure Payment Request
o Management Payment Request
o Marketing/Sales Payment Request
o Reimbursement Payment Request
o Loan Payment Request
o Transfer Payment Request (A/C Completed to A/C Active)
o Transfer Payment Request (A/C to Amanat-DLD)
o Refund Payment Request
o Management Payment Request
• Performance bond and Advance payment process
• Monthly report preparation process.
