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This service allows a real estate developer to submit an application to deposit a mortgage of the real estate units or land plots to the escrow account for completing the project.

None

1- The financing contract
2- An undertaking by the financing bank to deposit the loan amount to the escrow account and not to demand to impose limitations on mortgage or otherwise, and to allow the units sold to be registered at the real estate registry in the names of the investors.

Funds deposit application:
1- The status of the project (Active).
2- 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- A developer shall declare to continue developing their project and not to cease the works regardless of the collections, to be made within a clear time frame approved by the project consultant.
4- A developer undertakes to cover any other financial claims, such as payments due to the project consultants.
5- A no objection letter (NOC) from the financing bank, as per the approved form.
6- financing agreement between a real estate developer and a financing bank.
Settlement request or financing installment:
1- The status of the project (Active or completed).
2- 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- Ensuring that the amount available in the main escrow account covers the remaining amounts for project completion, in addition to ensuring an amount equivalent to (5%) of the net money collections in the project completion escrow account.
4- a real estate developer shall ensure and comply with the financial risk criteria of the real estate project before submitting the application.
5- A developer shall undertake to continue developing their project and not to cease the works regardless of the collections, to be made within a clear time frame approved by the project consultant.
6- A developer undertakes to cover any other financial claims, such as payments due to the project consultants.
7- A no objection letter (NOC) from the financing bank, as per the approved form.

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