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- Project Status (Active - Completed)
2- The completion percentage of the project is 50%, according to a recent technical report issued by the Land Department (not exceeding 4 months old) and the absence of a red flag during the last milestones of the project progress.
3- The amount available in the main escrow account covers the value of the remaining construction works.
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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The Land Department's website (Real Estate Developers Portal - Oqood) Trust account system
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Waiting time 26 business hours
Service delivery time is 32 business hours
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Company