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.
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.
1- The status of the project should be active.
2- The real estate developer must ensure and comply with the risk and financial solvency standards of the real estate project before submitting the application.
3- A recent technical report issued by Dubai Land Department (not exceeding 4 months) and the absence of a red flag in the last stages of the project progress.
4- The developer’s undertaking to continue developing the project and not to stop regardless of the collections, and this is done within a clear time frame approved by the project consultant.
5- The developer's undertaking to cover any other financial claims, such as payments due to project consultants.
6- A no-objection letter from the financing bank in case there is a mortgage on the project land (if any).
Via the electronic system
Step 1: Enter Oqood portal, choose the escrow account link, choose the service and submit the request
Step 2: The application is sent to the account trustee
Step 3: The account trustee studies the financial solvency, uploads the documents and sends them through TAS system
Step 4: The escrow account department checks for financial solvency with approval or rejection.
Step 5: In case of approval the request will be transferred to the account trustee to do the necessary work.
Dubai Land Department's website (Real Estate Developers Portal -Oqood) TAS System
Waiting time 29 working hours
Serving time 28 working hours