Request to Transfer an Escrow Account
Request to Transfer an Escrow Account

Description

This service allows the real estate developer to apply for transferring the escrow account of the real estate project from one account trustee to another account trustee


Service Form

Not Applicable


Required Documents

Not Applicable


Service Terms

1- In the event of financing, a no-objection letter must be submitted along with the financing contract
2- The developer undertakes to notify all unit owners of the new escrow account number.


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 from whom he is transferred for approval, and the application is sent to the Escrow Account Department
Step 3: The escrow account department checks the application and financing contracts with approval or rejection
Step 4: The request is sent to the transferring account trustee to enter the new escrow account data.



Payment Method

Not Applicable



Service Channels

Oqood Portal- Real Estate Developers Portal



Issued Documents

Not Applicable



Service Time

Waiting time 24 working hours
Serving time 45 working hours