Request to Receive a Payment from the Project's Escrow Account
Request to Receive a Payment from the Project's Escrow Account

Description

This service allows the real estate developer to apply for a payment from the project completion account in favor of the construction in the event of a deficit in the main escrow account of the real estate project.


Service Form

Not Applicable


Required Documents

1- Acknowledgment and commitment of the developer to continue developing his project and not to stop regardless of the collections and to cover any other financial claims such as payments owed to project consultants.


Service Terms

1- The real estate developer must ensure and adhere to the financial risk criteria for the real estate project before submitting the application
2 - Restricting disbursement on projects whose completion percentage exceeds 80% (according to a technical report issued by the Dubai Department)
3- Technical report (not more than 4 months old)


Service Fees

Free Service


Service Procedures

Via the electronic system
Step 1: Register and create an account on Oqood portal (if the customer is not already registered) or enter Oqood portal and choose the escrow account link and choose the service
Step 2: The application is sent to the account trustee
Step 3: The account trustee studies the solvency, uploads the documents and sends them to the escrow account department
Step 4: The escrow account department checks for financial solvency with approval or rejection.
(Disbursement shall be restricted to construction and infrastructure payments only)



Payment Method

Not Applicable



Service Channels

Oqood Portal- Real Estate Developers Portal



Issued Documents

Not Applicable



Service Time

Waiting time 29 working hours
Serving time 28 working hours