This service allows banks and financial institutions to submit a request to cancel the registration of accredited account trustees and audit offices at the Real Estate Regulatory Agency.
1-Undertaking to provide RERA with any required information after cancellation.
2- Undertaking to abide by the terms of the account trustee’s agreement with RERA regarding cancellation.
3- Undertaking to transfer all project escrow accounts' belongings to the transferred account trustee within 30 working days.
4- Undertaking to immediately transfer the deposits collected after the account transfer process to the escrow account with the new account trustee.
5- An undertaking to keep the project escrow account open for a period of not less than 3 months and not more than a year
1- Complete and submit all remaining financial reports to RERA through the escrow account system
2- Undertaking to abide by the terms of the audit firm agreement with RERA regarding cancellation.
3- An undertaking to provide RERA with any information required by RERA after cancellation
Notifying developers of the necessity to transfer project escrow accounts to another account trustee approved by Dubai Land Department within one month from its date.
Step 1: Submit the application through DLD's website (Real Estate Developers Portal - Oqood), the escrow account system or via e-mail.
Step 2: RERA studies and audits the application.
Step 3: An electronic cancellation certificate will be issued and sent via email.
Step 4: The systems are updated with the cancellation.
Dubai Land Department's website (Real Estate Developers Portal -Oqood) TAS System
Certificate of Cancellation
Waiting time 29 working hours
Serving time 28 working hours