This service enables the real estate developer to apply for withdrawing the surplus amounts in the real estate project escrow account.
Withdrawing profits from a project that is under construction:
1- The project status should be active.
2- The real estate developer must ensure and comply with the risk and financial solvency standards of the real estate project before submitting the application.
3- There must be an amount equivalent to (5%) of the net collections in the project retention account, and this amount will not be released except after obtaining a no-objection certificate from the Real Estate Regulatoey Agency (RERA)
4- 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.
5- The amounts available in the main escrow account must cover the remaining amounts for project completion
6- The developer’s must acknowledge to continue developing the project and not to stop regardless of the collections. This also must be done within a clear time frame approved by the project's consultant.
7- The developer's undertaking to cover any other financial claims, such as payments due to project consultants
8- A no-objection letter from the financing bank in case there is a mortgage on the project land (if any).
Withdrawing profits from a completed project:
1- Project status is completed
2- A recent technical report issued by Dubai Land Department showing 100% completion of the project.
3- To confirm and transfer an amount equivalent to (5%) of the net collections in the project retention account to RERA's account trustee
4- A no-objection letter from the financing bank in case there is a mortgage on the project land (if any)
5- Closing the escrow account or transferring it to the company's account and updating the Tabu system.
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 system is updated
Dubai Land Department's website (Real Estate Developers Portal -Oqood) TAS System
Waiting time 29 working hours
Serving time 33 working hours