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-A real estate developer shall ensure and comply with the financial risk criteria of the real estate project before submitting the application
2. 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.
3. Viewing the reasons for freezing the escrow account
4. A letter from the Account Trustee stating the receipt of all belongings of the project escrow account and uploading the monthly financial statements of the Account Trustee (If a bank guarantee is available): Activating the escrow account with the bank guarantee for the construction works until 20% completion based on a recent technical report issued by the Land Department.
6. (in case of a real estate developer's contribution): Activation of the escrow account by amounts deposited by the developer's own account into escrow account only.
7. (In case of financing or mortgage): Activation of the escrow account by the amounts deposited by the mortgagor bank account to escrow account only.
8. (in case of capability): Activating the escrow account based on the construction works percentage after 20% completion based on a recent technical report issued by the DLD.
9. (in case of applying to amend the cap of administrative, marketing and tax expenses) ensuring and adhering to the risk criteria and capability of the real estate project based on the construction expenses, then infrastructure expenses, then administrative expenses, then marketing expenses, then tax expenses before submitting the application.
10. (In case that infrastructure is calculated)
The master plan of the project shall be approved and certified by the main developer.
An official letter issued by a real estate developer addressed to the Real Estate Regulatory Authority requesting to open an infrastructure account, describing if the value of the infrastructure was set out in the investors sales and purchase agreement (SPA).
Providing us with the infrastructure amount of the master plan divided on each project separately on a quarterly basis and to be approved by the (main) engineer, the Account Trustee
A report from the project consultant demonstrating the current completion percentage of the infrastructure, in addition to a recent technical report issued by the DLD.
(In case of transfer) the amounts for each project shall be transferred on a quarterly basis after the approval of the engineer, Account Trustee, for the infrastructure account and the real estate project Account Trustee.
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
None
3 Business Days
Banks
Companies