Oqood in Dubai | Oqood portal and certificate
Dubai's real estate market is sustained by billions of transactions annually because Dubai is one of the most sought-after real estate destinations in the world. In addition to ready properties, buyers can also purchase off-plan properties, which are available for sale during construction or even before construction begins. Due to their flexible and convenient payment plans and high ROI, off-plan properties in Dubai have become increasingly popular in the past decade among both locals and foreigners.
Dubai's real estate market is highly regulated, so in addition to the Dubai Land Department and Real Estate Regulatory Department (RERA), Emirates Real Estate Solutions (ERES) was established as a subsidiary agency to streamline all real estate transactions in Dubai through a variety of services, applications and portals.
One of these new additions is Oqood (“contracts” in Arabic), which is an easy-to-use, centralized system for managing off-plan properties and facilitating property sales within this segment. Learn more about this extremely important factor in the off-plan property buying process below.
Oqood portal
As an alternative to registering yourself directly with the Dubai Land Department (DLD), the Oqood portal provides developers with a comprehensive set of services specifically designed to assist them in managing their off-plan projects and initial sales contracts. Through the Oqood portal, off-plan properties are automated, regulated, and monitored under specific rules and regulations set by real estate authorities. In order to protect all stakeholders' rights in the real estate industry, Oqood created a transparent and trusted environment.
Oqood benefits for developers
Using Oqood, real estate developers can manage their framework by logging in, securing an online application, adding properties, and editing property details. In addition, they can receive DLD support (request and receive approval online), sales support (register, perform transactions, and generate sales registration receipts), and create receipts (create regulated registration and transaction fees). All in all, this service helps developers and the DLD in the following ways:
Improving the quality of services offered by Dubai Land Department by speeding up the processing of registration procedures
Offering a powerful tool for managing, monitoring, and regulating off-plan property sales
Providing property developers with the option of prioritizing their procedure requests
Validating property information for developers to use in their sales transactions
Maintaining up-to-date sales, investment, and client payment statistics
Oqood benefits for buyers
Oqood protects buyers from any fraudulent property transactions and other unlawful activities. As soon as a property is registered on Oqood, it ensures that the property cannot be resold to multiple clients by the developer or owner. Furthermore, if the developer claims that the previous owner did not pay Oqood on the property and attempts to charge the new owner, the buyer must refuse to pay. By simply searching the property on the Oqood portal you’ll be able to get all the details of the previous owner and payment history.
Oqood in the property buying process in Dubai
When buying an off-plan property, after the agreement is signed between the buyer and the seller (developer), the purchase will be registered by the Dubai Land Department and the proof of such registration is the Oqood. At this step of the process, buyers who purchase ready properties receive the Title Deed, therefore, the Oqood is the equivalent of a title deed for off-plan properties. When the off-plan property purchase is completed, Oqood is automatically transformed into a regular title deed.
It should be noted that both the Oqood and the title deed are valid proof of ownership and property rights. The document is issued by RERA in the name of the person who is making the purchase. Oqood certificate is issued when the buyer has paid at least 25% of the payment to the developer. Moreover, Oqood registration is a mandatory requirement and it also entails 4% of the selling price in DLD fees.
Here’s an example of what an Oqood certificate looks like:
Moving forward
Having read the article, you now understand that Oqood is a very useful service and a vital part of the property buying process, one that has largely improved real estate transactions for the off-plan property market in Dubai. If you’re interested in buying an off-plan property, Kredium can be of assistance. With thousands of units, villas and townhouses along with various mortgage options on our website, we can ensure you realize your purchase no matter where you come from. We suggest the following off-plan property buildings in some of the top Dubai locations, however, feel free to browse through our entire selection of properties.
When it comes to mortgages, we provide personalized loan offers and guidance through the entire mortgage process for UAE nationals, expats living in the UAE, and non-residents. We also have a mortgage calculator you can use to calculate your monthly mortgage payments, and rental yields (for investment properties).
For more information on UAE mortgages and real estate, head over to our blog section. Feel free to contact us or register on our website for additional information or any inquiries you may have. We are more than happy to help.
Photo credits:
Oqood official logo | OQOOD Guide
Oqood portal screenshot | OQOOD Guide
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