Request for Withdrawal of a Project's Profits

Description

This service enables the real estate developer to apply for withdrawing the surplus amounts in the real estate project escrow account.


Service Form

Not Applicable


Required Documents

Not Applicable


Service Terms

1- The real estate developer must ensure and adhere to the financial risk criteria for the real estate project before submitting the application
2- Pay any fees due to the department
3- Ensure that there is an amount equivalent to (5%) of the net collections in the project completion escrow account
4- The amounts available in the main escrow account cover the remaining amounts for completion in case the project is not completed


Service Fees

Free Service


Service Procedures

Via the electronic system
Step 1: Register and create an account on Oqood portal (if the customer is not already registered) or enter Oqood portal and choose the escrow account link and choose the service
Step 2: The application is sent to the account trustee
Step 3: The account trustee studies the solvency, uploads the documents and sends them to the escrow account department
Step 4: The escrow account department checks for financial solvency with approval or rejection.



Payment Method

Not Applicable



Service Channels

Oqood Portal- Real Estate Developers Portal



Issued Documents

Not Applicable



Service Time

Waiting time 29 working hours
Serving time 33 working hours

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