Oqood system is the portal that issues Initial Contract of Sale certificate (commonly known as Oqood) of the purchased property, this ensures that the SPA (Sale Purchase Agreement) signed between the developer and the buyer is registered with DLD.
The Oqood portal offers a comprehensive set of services developed exclusively for developers to manage their off-plan projects and initial sales contracts registration instead of registering procedures directly in Dubai Land Department (DLD).
One of the key features of the Oqood system is the escrow account. Under this system, developers must deposit funds from buyers into a special account, which is managed by RERA. These funds are then released to the developer as the construction progresses, ensuring that the buyer’s money is safe and that the developer is using the funds as intended.
The Oqood system portal automates, regulates and monitors off-plan properties market by operating under a set of rules and regulations set by real estate authorities. The Oqood system creates trusted and transparent environment to guarantee the rights of all the real estate stakeholders.
The Oqood system has end-to-end features to manage the interaction between developers and DLD through various procedures. Procedures are related to project registration, upload plan, inspections, auditing, ESCROW account management, approvals etc.
The Oqood system also includes a dispute resolution process, which allows buyers and developers to resolve any issues that may arise during the construction or sale of a property. This process is designed to be fair and efficient, and to ensure that both parties are treated fairly.
Overall, the Oqood system is an important step forward in ensuring transparency and fairness in the UAE’s real estate market. It helps to protect buyers and investors, while also ensuring that developers are held to high standards of construction and professionalism. As a result, the Oqood system has played a significant role in the continued growth and development of the UAE’s real estate market.