This service allows the real estate developer to submit a request to deposit the mortgage of the real estate units or lands in the escrow account for the purpose of completing the project.
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1- The financing contract
2- An undertaking by the financing bank to deposit the mortgage amount in the escrow account and not to demand mortgage records or otherwise, and to allow the units sold to be registered in the real estate registry in the names of the investors.
Mortgage payment Request:
1- Project Status should be active.
2- A recent technical report issued by Dubai Land Department (not exceeding 4 months) and the absence of a red flag in the last stages of the project progress.
3- The developer's undertaking to continue developing the project and not to stop regardless of the collections, and this is done within a clear time frame approved by the project consultant.
4- The developer's undertaking to cover any other financial claims, such as payments due to project consultants.
5- An undertaking letter from the financing bank, according to the approved form.
6- Financing agreement between the real estate developer and the financing bank.
Request for loan payment:
1- Project status should be active or completed.
2- A recent technical report issued by Dubai Land Property Department (not exceeding 4 months) and the absence of a red flag in the last stages of the project progress.
3- Ensure 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 collections in the project retention account.
4- The real estate developer must ensure and comply with the criteria of risk and financial solvency of the real estate project before submitting the application.
5- The developer's undertaking to continue developing the project and not to stop regardless of the collections, and this is done within a clear time frame approved by the project consultant.
6- The developer's undertaking to cover any other financial claims, such as payments due to project consultants.
7- An undertaking letter from the financing bank, according to the approved form.
Free Service
Via the electronic system
Step 1: Enter Oqood portal, choose the escrow account link, choose the service and submit the request
Step 2: The application is sent to the account trustee
Step 3: The account trustee studies the financial solvency, uploads the documents and sends them through TAS system
Step 4: The escrow account department checks for financial solvency with approval or rejection.
Step 5: In case of approval the request will be transferred to the account trustee to do the necessary work.
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Dubai Land Department's website (Real Estate Developers Portal -Oqood) TAS System
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Waiting time 26 working hours
Service delivery time 32 working hours