This service allows the real estate developer to apply for the disbursement of funds from the project completion account after obtaining a No Objection Certificate (NOC) from the Jointly Owned Property Management, applicable to completed projects.
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1- Submit an official application.
2- The project status must be active.
3- The real estate developer must ensure and comply with the financial risk standards of the project before submitting the application.
4- A recent technical report issued by the Dubai Land Department (not older than 3 months), with no red flags in the final stages of the project’s progress.
5- The project’s financial solvency must be verified.
Free service
Via the online system
Step I: Log in Oqood portal, select the escrow account link, select the service, and submit the application
Step II: The application will be sent to the Account Trustee
Step III: The Account Trustee studies the solvency, uploads and sends the documents through the escrow account system
Step IV: The escrow account department audits the solvency by approval or rejection
Step V: If approved, the system will be updated
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DLD website (Real Estate Developers Portal - Contracts) Trust Account System
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3 Business Days
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Companies