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Request for withdrawal of the profits of a project

Description

This service allows real estate developers to apply for profits  withdraw of their  projects from the escrow accounts of these projects.


The service is provided by the Real Estate Trust Account  Section at the Real Estate Trust Account Development  Department.

Required Documents

Attach written request to withdraw project profits

 

Terms of Service  Required Documents:

1- Payment of any fees due to Dubai Land Department or RERA

2- Ensure that there is an amount equal to (5%) of the net collections in the project completion Escrow account. This amount is not released until one year from the date of the project completion
3- Completion of the project 100%

After one year of the project completion date, the amount available in the project completion Escrow account will be transferred to the developer after the
Completion of establishing of the owners' association for the project

 

Service Procedures
The Client shall access the Oqood Portal and choose Trust Account System and apply for Request for withdrawal of the profits of a project.
Service Fee
None
Service Branches
Oqood Portal- Real Estate Developers Portal
Related Services
Additional Information
Last updated 10/02/2019 15:16:20
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