This service allows a developer to submit an application to cancel a bank guarantees provided after the solvency of the real estate projects is being available.
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A copy of the bank guarantee
1- Submit an official application.
2- The project status must be active or completed.
3- A recent technical report issued by the Dubai Land Department, with no red flags in the final stages of the project’s progress.
4- The available amount in the main escrow account must cover the remaining project expenses.
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: In case of approval, it will be transferred to the Account Trustee to do the necessary action
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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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Company