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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Withdrawing the profits from a project under construction:
1- The status of the project (Active).
2- A real estate developer shall ensure and comply with the risk criteria and solvency for the real estate project before submitting the application
3- Ensuring that there is an amount equivalent to (5%) of the net collections in the account of the project completion guarantee, as such amount will be released only after obtaining a no objection certificate from the Real Estate Relations Regulation Department.
4- A recent technical report issued by the Land Department (not exceeding 4 months) and the absence of a red flag during the last milestones of the project progress.
5- The amounts available in the main escrow account cover the remaining amounts for project completion.
6- A developer shall declare to continue developing their project and not to cease the works regardless of the money collections, to be made within a clear time frame approved by the project consultant.
7- A developer undertakes to cover any other financial claims, such as payments due to the project consultants.
8- A no objection letter (NOC) from the financing bank in case there is a mortgage on the project land (if any).
Withdrawing the profits from a project completed:
1- Project status (completed)
2- A recent technical report issued by the Land Department, indicating 100% completion of the project.
3- To confirm and transfer an amount equivalent to (5%) of the net collections in the project completion guarantee account to the establishment’s escrow account.
4- A no objection letter (NOC) from the financing bank in case there is a mortgage on the project land (if any).
5- Closing the escrow account or transferring the same to the company's account and updating the Title deed (Tapu) system.
Free Service
Via the online system
Step I: Log in Oqood portal, select the escrow account link, select the service, and submit the application
Step II: The application will be sent to the Account Trustee from which the transfer is being made, for approval and sent through the escrow account system
Step III: The Account Trustee studies the solvency, uploads the documents, and sends the same to the escrow account department
Step IV: The escrow account department audits the solvency by approval or rejection
Step V: In case of approval, it will be transferred to the Account Trustee to do 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