This service allows a real estate developer to submit an application to disburse a payment from the project completion account for the construction, in case there is a deficit in the main escrow account of the real estate project.
1- Declaration and undertaking made by a developer to continue developing their project and not to cease the works, regardless the collections and coverage of any other financial claims such as payments due to project consultants
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- 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.
4- A developer shall undertake to continue developing their 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.
5- A developer undertakes to cover any other financial claims, such as payments due to the project consultants.
6- A no objection letter (NOC) from the financing bank in case there is a mortgage on the project land (if any).
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: In case of approval, it will be transferred to the Account Trustee to do the necessary action
The Land Department's website (Real Estate Developers Portal - Oqood) Trust account system
Waiting time 29 business hours
Service delivery time is 28 business hours