Things You Need To Know About Oqood

 

Dubai is considered as one of the world’s most appealing real estate destinations. Billions worth of Dubai properties transactions are generated and help maintain the long-term health of city’s real estate market.

The formation of Dubai Land Department, the Real Estate Regulatory Department (RERA) and a subsidiary agency Emirates Real Estate Solutions (ERES) implemented various rules and regulations that will streamline all Dubai real estate transactions. ERES established an online platform for all buyers and sellers to ensure the authenticity of the ownership of land, villas or apartment.

One of these services is called Oqood, an Arabic word which means “contracts”.

What is Oqood?

Oqood is an online service provided by Emirates Real Estate Solutions (ERES). It aims to ease the registration process for all types of contracts between property developers and buyers. It also allows developers to manage their off-plan properties in a simple and user-friendly bilingual Arabic-English interface in accordance with Dubai Land Department regulations.

What does Oqood allow buyers, owners, and developers to do?

For buyers - Oqood will serve as a protection from any unlawful actions, i.e. you are buying an off-plan property from an owner, and the developer claims that the current owner  has not paid Oqood and tries to charge you again, then you must refuse and it is required by law for all off-plan properties.

For Property Owners - All owners must pay Oqood before making any transactions to the developer.

For developers - Oqood enables real estate developers to manage their framework wherein they can log-in, secure an online application, add properties, and edit property details. Developers can also get land department support (request & receive online approval from the land department), sales support (register, perform sales transactions, and create sales registration receipts), and receipt formation (creates regulated registration and transaction fee).

What are the benefits of Oqood?

Oqood enables buyers and developers to meet in a uniform platform containing all real estate transactions. It benefits both buyers and developers to lower processing time, creates uniformity, and shows the complete transparency of the registration fee structure.

All Dubai land developers are required to perform and register their off-plan properties to Oqood. The system allows the sale of any Dubai properties to be more transparent and regulated by the Dubai Land Department. It benefits the buyers from all illegal practices, i.e. a developer selling the same unit to multiple buyers and also for developers to keep track of his properties.

Oqood is established to create a regulatory platform to maintain complete transparency for buyers and developers that concerns any real estate requirements, processes, and fees.

How much is the Oqood fee?

Oqood fee is 1040 AED and must paid ONE TIME ONLY by the property owner.



  •  Vaheed    Replied to: Ajit Kumar Patro

    (0) (0)
    Hi , i am also in a similar situation where in we paid 20 % each of the property price for units . Later due to some issues, we asked the developer to consolidate our units in to one, for which the developer agreed to make our payment towards one units becomes 40% . But he wants to keep the money from second unit until last instalment and asking us to make second payment but oqood still not done.
  •  Ajit Kumar Patro   

    (0) (0)
    Hello, I have not seen the time frame for issuing Oqood to the customer by the developer anywhere in the above. Could you please guide us on the same. We have paid our DLD fee along with initial booking charges on 11th October 2018 but till date the developer claims that there is a failure of link with DLD for the project, hence Oqood is not ready. Asking me to pay the subsequent instalments as per SPA signed, if not charging interest for the delayed period. Is the developer correct claiming due to technical difficulties not providing Oqood after 4 months of initial payment. Is the developer right to charge interest for the overdue amount not paid for want of Oqood.

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