Escrow Account Transfer
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.
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 current escrow Trustee for approval and submission through the escrow account system.
Step 3: The escrow account department reviews the request and either approves or rejects it.
Step 4: The request is sent to the new escrow Trustee to open the account.
Step 5: Upon approval, the system is updated with the new account details.
1. Written financing approval from the new escrow Trustee
2. No Objection Letter (NOC) from the previous escrow Trustee.
3. No Objection Letter (NOC) from the new escrow Trustee.
Free service
3 Business Days
1- Submit an official application.
2- The project status must be active.
3- A recent technical report issued by the Dubai Land Department (not older than 3 months), with no red flags in the final stages of the project's progress.
4- Developer’s commitment to notify all unit owners of the new escrow account number.
5- The transfer must be for the purpose of directly financing the project, along with written financing approval from the new escrow agent.
6- The previous escrow Trustee must upload all financial data related to the project into the escrow account system.
7- A No Objection Letter (NOC) from the previous escrow Trustee, with a commitment to keep the project escrow account open for no less than 3 months and no more than 1 year, and to immediately transfer any deposits collected after the account transfer to the new escrow account.
8- A No Objection Letter (NOC) from the new escrow Trustee, with a commitment not to activate the project escrow account until all project escrow documents are received from the previous escrow Trustee within 3 working days, and subject to the authority's approval.
9- Completion and submission of the financial report for the project by the current escrow Trustee, if the request is submitted in the first quarter of the year.
DLD website (Real Estate Developers Portal - Contracts) Trust Account System
Companies
