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Withdrawal of Project Profits

This service allows a real estate developer to apply for withdrawal of surplus amounts available in the real estate project's escrow account.

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1. Developer’s declaration and undertaking to cover all project-related expenses. 
2. No Objection Letter (NOC) from the mortgaging bank (if applicable).

Withdrawing the profits from a project under construction:
1- Submit an official application.
2- The project status must be active.
3- The real estate developer must ensure and comply with the financial risk and solvency standards of the real estate project before submitting the application.
4- Ensure that an amount equivalent to 5% of the net collections is available in the project completion escrow account. This amount may not be released unless a No Objection Certificate (NOC) is obtained from the Jointly Owned Property Management.
5- A recent technical report issued by the Dubai Land Department (not older than 3 months), with no red flags in the final stages of the project’s progress.
6- The available balance in the main escrow account must cover the remaining construction costs required to complete the project.
7- A declaration by the developer committing to continue developing the project without interruption regardless of collections, with a clear and approved timeline from the project consultant, and a commitment to cover any additional financial claims.

Withdrawing the profits from a project completed:

1- Submit an official application.
2- The project status must be completed.
3- A recent technical report issued by the Dubai Land Department confirming 100% project completion.
4- Ensure that an amount equivalent to 5% of the net collections is available in the project completion escrow account. This amount may not be released unless a No Objection Certificate (NOC) is obtained from the Jointly Owned Property Management.
5- Close the escrow account or transfer it to the company’s account and update the title deed (Oqood) system accordingly.

Free Service

Via the online system:
Step 1: Log in to the Oqood portal, select the escrow account link, choose the service, and submit the request.
Step 2: The request is sent to the escrow Trustee for approval and is submitted through the escrow account system.
Step 3: The escrow Trustee reviews the financial solvency, uploads the documents, and sends them to the escrow account department.
Step 4: The escrow account department audits the financial solvency and either approves or rejects it.
Step 5: If approved, the request is forwarded to the escrow Trustee to take the necessary action.

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DLD website (Real Estate Developers Portal - Contracts) Trust Account System

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 3 Business Days

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Companies