This service allows a real estate developer to apply for activating the disbursement mechanism from the escrow account of the off-plan sold real estate project.
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1- Payment plan for the project
1- Submit an official application.
2- The real estate developer must ensure and comply with the financial risk standards of the real estate project before submitting the application.
3- 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.
4- (If a bank guarantee is available): Activate the escrow account with the value of the bank guarantee for construction works until 20% completion, based on a recent technical report issued by the Dubai Land Department.
5- (If there is developer contribution): Activate the escrow account with the value of amounts deposited from the developer’s special account into the escrow account only.
6- (If there is financing or mortgage): Activate the escrow account with the value of amounts deposited by the mortgaging bank into the escrow account only.
7- (If there is financial solvency): Activate the escrow account based on a percentage of the construction works after 20% completion, according to a recent technical report issued by the Dubai Land Department.
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 Trustee Account
Step III: The Trustee Account studies the capability, uploads and sends the documents through the escrow account system
Step IV: The escrow account department audits the capability by approval or rejection
Step V: If approved, the system will be updated
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DLD website (Real Estate Developers Portal - Contracts) Trust Account System
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3 Business Days
Banks
Companies