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This service allows the real estate developer to apply for the disbursement of funds from the project completion account after obtaining a No Objection Certificate (NOC) from the Jointly Owned Property Management, applicable to completed projects.
Via the online system:
Step 1: Log in to the Oqood portal, select the escrow account link, choose the service, and submit the request.
Step 2: The request is sent to the escrow Trustee.
Step 3: The escrow Trustee uploads the documents and submits them through the escrow account system.
Step 4: The escrow account department approves or rejects the request.
Step 5: If approved, the request is forwarded to the escrow Trustee to take the necessary action.
1. No Objection Letter (NOC) from the Jointly Owned Property Management.
2- If there is a mortgage on the project land, a no-objection letter from the financing bank is required.
Free service
3 Business Days
1- Submit an official application.
2- The project status must be completed.
3- No Objection Certificate (NOC) from the Jointly Owned Property Management.
The Land Department's website (Real Estate Developers Portal - Oqood) Trust account system
Companies
