Dubai’s real estate market is continuously expanding, including numerous off-plan freehold properties. When compared to ready-to-move homes on the secondary market, these properties are less expensive and allow the buyer to take advantage of attractive payment plans that can lower the financial expenditure. In Dubai, there are several prime sites for off-plan investing. However, knowledge of the Oqood service is required before acquiring a main market property. Let’s learn more about this with our in-depth guide to the service in Dubai.
The off-plan property market has grown significantly in popularity, particularly in Dubai. Although the Dubai Land Department and the Real Estate Regulatory Authority (RERA) provide a variety of services to buyers, a centralized system to handle off-plan properties and simplify property transactions in this segment was required. To close this gap, the Oqood certificate was created.
Oqood literally translates to “contract” in Arabic. Oqood in Dubai is an online service provided by Emirates Real Estate Solutions, or ERES. This facilitates the registration of all forms of real estate and property-related contracts in the off-plan market between buyers and real estate developers.
Both developers and buyers can benefit from the service. Its goal is to make off-plan property management simple and straightforward.
Oqood’s online services help developers in expediting off-plan sales transactions. Developers can sell off-plan properties in a transparent and controlled procedure that adheres to Dubai Land Department standards.
Oqood also enables developers to maintain a complete record of their clients and properties. It also quickly produces legally binding contracts and payment vouchers for various transactions.
Similarly, Oqood safeguards buyers against fraudulent property deals. The developer or owner cannot resell the same unit or villa to multiple clients once it has been registered with the Oqood Dubai Land Department.
Furthermore, assume you are buying an off-plan property and the developer claims that the previous owner did not pay Oqood on the property and tries to charge you. The buyer must refuse to pay in that circumstances. A quick search online on the Oqood portal will yield the prior owner’s information, as well as Oqood payment data.
In both English and Arabic, Oqood is basic and easy to use. A comprehensive Oqood user manual is available on the official Oqood website. The following are some of the areas of the Oqood web portal on which developers and owners may rely:
All parties and stakeholders participating in off-plan property sales are considered participants. Using the online Oqood interface, you can easily add or delete participants. To add a new participant, provide their name, address, contact information, and other personal information.
The registration portal’s properties administration feature makes it simple to register new properties or manage existing ones. It’s simple to change property information, add payment plans, and seek termination for sold properties. Users can do the following on the portal’s property management section:
- Look for various sorts of properties, such as villas or buildings.
- Add/Edit Off-Plan Villa Details
- Add/Edit units to your current buildings
- Begin the Property Termination Request process.
- Make payment arrangements.
The Procedures module in Oqood is used to document and register any procedure related to the selling of off-plan properties. After DLD’s approval, the certificates and contracts generated by this module will be deemed officially legitimate.
A thorough payment plan is required for all properties maintained through the Procedures area. Before doing Procedures on Oqood, users must have a sufficient amount in their prepaid account. Oqood’s Procedures section includes the following subsections:
- Procedures List
- Property Search
- Lease to Own
- Sell with Mortgage
In Dubai, property owners must get a No Objection Certificate (NOC) from the master developer. Without the NOC, the owner cannot sale their homes. Every re-sale transaction requires the NOC to transfer the property to the new owner.
For operations done on the e-service portal, Oqood creates several forms of contracts. These contracts must be signed by all stakeholders and interested parties in relation to the off-plan properties. If contracts are accessible, the user can upload them. Oqood has created the following contracts:
- Mortgage Contract
- Initial Sale Contract
- Lease Certificate
- Initial Sales Contract
- Dismortgage Certificate
All parties engaged in the Oqood system must pay the appropriate fees based on their involvement in the portal procedure. The site will produce a voucher in the name supplied by the developer for the payee. Typically, the developer will carry out this step and create payment vouchers or payment receipts on the payee’s behalf. These vouchers, as well as Oqood registration fees, are obtained from the Dubai Land Department.
You may add or manage other user accounts connected with your master account using Oqood’s user administration system. These are known as sub-user accounts.
Sub-user accounts have all of the powers of the primary account and can create more subaccounts if necessary.
HOW MUCH DOES OQOOD REGISTRATION COST?
The registration costs for Oqood are 4% of the original property price. It does not apply to the property’s selling price. In Dubai, a buyer must pay the 4% Oqood charge to the property developer.
WHAT DOCUMENTS ARE NECESSARY FOR DEVELOPER REGISTRATION?
The following documents are necessary for the registration of Oqood services in Dubai:
- A copy of the company’s trade licence
- Letter of Authorization (must be on corporate letterhead and signed and stamped by the authorized person)
- Power of attorney (if the authorized signature is not included in the trade license)
- Emirates Passport/Visa Identification of the signatory
- Copy of the desired user’s passport with visa page
- Other papers, as specified in the sales contract, may be required depending on the method.
WHAT ARE OQOOD DUBAI’S CONTACT DETAILS?
If you have any questions, please contact Oqood customer service at +971-800-4488.
WHERE IN DUBAI CAN I FIND THE BEST OFF-PLAN PROJECTS?
That ends our in-depth look into Oqood services in Dubai. This service facilitates the administration and registration of various off-plan properties in Dubai.