This service allows a real estate developer to apply for raising/lowering the cap of administrative, marketing and tax expenses for a real estate project.
1- The status of the project shall be (Active).
2- A real estate developer shall ensure and comply with the financial risk standards of the real estate project before submitting the application
3- The completion percentage shall not be less than 50% (according to a technical report issued by the Land 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- A developer shall declare to continue developing his 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.
6- The approval must be valid for 3 months.
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
Step III: The Account Trustee studies the solvency, uploads and sends the documents through the escrow account system
Step IV: The escrow account department audits the solvency by approval or rejection
Step V: If approved, the system will be updated
The Land Department's website (Real Estate Developers Portal - Oqood) Trust account system
Waiting time 26 business hours
Service delivery time is 32 business hours