Dubai’s real estate market is continuously expanding, such as many off-plan freehold buildings. When compared to ready-to-move houses on the secondary market, these properties are cheaper and allow the buyer to take advantage of attractive payment plans that can lower the financial expenditure. In Dubai, there are several excellent sites for off-plan investing. However, knowledge of the Oqood service is required before obtaining a main market property. Let’s learn more about this with our in-depth guide to the service in Dubai.
What is Oqood?
The off-plan housing market has grown enormously in popularity, especially in Dubai. Although the Dubai Land Department and the Real Estate Regulatory Authority (RERA) provide an array of services to buyers, a single system to handle off-plan homes and simplify property transactions in this area was required. To close this gap, the Oqood certificate was created.
Oqood refers to “contract” in Arabic. Oqood in Dubai is an online service provided by Emirates Real Estate Solutions, or ERES. This allows the registration of all forms of real estate and property-related contracts in the off-plan market between consumers and real estate developers.
Our tutorial will be useful if you wish to become familiarised with Dubai real estate jargon.
Advantages of oqood for buyers and developers
Both developers and consumers can benefit from the service. Its goal is to make off-plan property management easy and straightforward.
The internet services provided by Oqood aid developers in accelerating off-plan sales transactions. Developers can sell off-plan buildings in a transparent and controlled process that adheres to Dubai Land Department norms.
Oqood also allows developers to maintain a complete record of their clients and buildings. It also quickly produces legally binding contracts and payment vouchers for various transactions.
Similarly, Oqood protects consumers 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.
Finally, believe you are buying an off-plan house and the developer claims that the first owner did not pay Oqood on the property and tries to charge you. The customer must refuse to pay in that circumstances. A simple internet search on the Oqood portal will return the past owner’s information, and the Oqood payment data.
Different sections of the Oqood portal and how to use them
In both English and Arabic, Oqood is simple and simple to use. A complete Oqood user manual is available on the official Oqood website. The following are some of the areas of the Oqood website on which developers and owners can rely:
Participants
All parties and stakeholders who participate in off-plan property sales are considered participants. Using the online Oqood user experience you can easily add or delete participants. To add a new applicant, offer their name, address, contact information, and other personal information.
Properties
The registration portal’s properties management feature makes it simple to register new properties or manage existing ones. It’s simple to change property information, add payment plans, and look for termination for sold properties. Users can do the following on the portal’s property management section:
- Look for different forms of characteristics, such as villas or buildings.
- Add/Edit off-plan villa data.
- Add/Edit units to your existing buildings.
- Start the Property Termination Request process.
- Make payment arrangements.
Procedures
The Procedures module in Oqood is used to document and register any procedure related to the offering of off-plan apartments. After DLD’s approval, the certificates and contracts generated by this module will be deemed officially valid.
A thorough payment plan is required for all properties kept through the Procedures area. Before performing Procedures on Oqood, users must have enough money in their prepaid account. Oqood’s Procedures section includes a number of subsections:
- List of Procedures
- Property Search
- Sell
- Lease to Own
- Mortgage Purchase
NOC
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 purchases requires the NOC to transfer the property to the new owner.
Contracts
For operations done on the e-service portal, Oqood creates a number of contracts. These contracts must be executed by all stakeholders and interested parties in relation to the off-plan properties. If contracts are available for viewing, the user can upload them. Oqood has established the following contracts:
- Mortgage Contract
- Initial Buying Agreement
- Certificate of Rent
- Initial Sales Contract
- Certificate of Disposal
Vouchers
All parties engaged in the Oqood system must pay the proper charges based on their involvement in the portal process. The site will generate a voucher in the name provided by the developer for the payee. Typically, the developer will carry out this step and generate payment vouchers or payment receipts on the payee’s behalf. These vouchers, on top of Oqood registration fees, can be bought from the Dubai Land Department.
Administration
You may add or manage other user profiles related to your master login using Oqood’s user management system. These are known as sub-user identities.
Sub-user accounts have all of the authority of the main one and can create more subaccounts if necessary.
