This service allows a real estate developer to apply to transfer the escrow account of the real estate project from one Account Trustee to another.
1- The status of the project shall be (Active).
2- A recent technical report issued by the Land Department (not exceeding 4 months old) and the absence of a red flag during the last milestones of the project progress.
3- The developer undertakes to notify all unit owners of the new escrow account number.
4- The transfer for the purpose of direct financing of the project and the provision of a written approval for financing from the new Account Trustee.
5- The Account Trustee of the account from which the transfer is being made, shall upload all the financial data related to the project to the escrow account system.
6- A no objection letter (NOC) from the Trustee of the account from which the transfer is being made, with an undertaking to keep the project’s escrow account open for a period of not less than 3 months and not more than one year, and an undertaking to immediately transfer the deposits collected after the transfer process to the escrow account at the new Account Trustee.
7- A no objection letter (NOC) from the Trustee of the account to which the transfer is being made, with an undertaking not to activate the project escrow account except after receiving all the belongings of the project escrow account from the Trustee of escrow account from which the transfer is being made, to the Trustee of the account to which the transfer is being made, within (3) business days and the approval of the establishment.
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 from which the transfer is being made, for approval and sent through the escrow account system
Step III: The escrow account audits the application and financing contracts by approval or rejection
Step IV: The application will be sent to the Trustee of the account to which the transfer is being made, to enter the data of the new escrow account
Step V: If approved, the system will be updated with the new account
The Land Department's website (Real Estate Developers Portal - Oqood) Thiqa account system
Waiting time 24 working hours
Service delivery time is 45 working hours