This service allows clients to apply to transfer to new escrow accounts for their off-plan real property sold in freehold areas in case of obtaining financing from the recipient bank.the Real Estate Trust Account Development Department.
The service is provided by the Real Estate Trust Account Section at the Real Estate Trust Account Development Department.
1- Attach the approval of financing from the new escrow agent
2- A No Objection Letter from the escrow agent of the old account with an undertaking to maintain the project escrow account for a period of no less than three (3) months and no more than one (1) year, and an undertaking to immediately transfer any amounts collected after the transfer to the new escrow account
Terms of Service Required Documents:
1- The transfer for the purpose of direct financing of the project and the submission of the approval of the financing from the new escrow account agent
2- An undertaking by the developer to notify all unit owners of the new escrow account number
The Client shall access the Oqood Portal and choose Trust Account System and apply for Request for Transfer of Escrow Account.
Oqood Portal- Real Estate Developers Portal
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Last updated 19/10/2019 02:35:55 PM
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