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
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.
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.
Dubai Land Department's website (Real Estate Developers Portal -Oqood)
Waiting time 24 working hours
Serving time 45 working hours