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