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- The status of the project should be active.
2- 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
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 written approval for financing from the new account trustee.
5- Identify the account trustee from whom the transfer is made for all the financial data relevant to the project in the escrow account system.
6- A no-objection letter from the account trustee from whom the transfer is being made, with an undertaking to keep the project’s escrow account open for a period no less than 3 months and not more than a year, and an undertaking to transfer the deposits collected after the transfer process immediately to the escrow account with the new account trustee
7- A no-objection letter from the transferred account trustee with an undertaking not to activate the project's escrow account until receiving all the documentation of the project escrow account from the previous escrow account trustee to the new escrow account within (3) working days and RERA's approval.
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 previous account trustee to approve the request and send it through the TAS system
Step 3: The escrow account checks the application and financing contracts with approval or rejection
Step 4: The application is sent to the new account trustee to enter the new escrow account data
Step 5: In case of approval the system is updated with the new account
Dubai Land Department's website (Real Estate Developers Portal -Oqood) TAS System
Waiting time 24 working hours
Serving time 45 working hours