Other

Oqood Service in Dubai: Everything You Need to Know

Oqood Service in Dubai is an online service that allows the registration of all types of real estate and property-related contracts between buyers and developers in the off-plan market. Oqood refers to “contract” in Arabic and is provided by Emirates Real Estate Solutions or ERES. The service offers a convenient registration process for all parties involved.

Dubai’s real estate market is among the most attractive and vibrant in the world. The demand for properties constantly increases with a growing population and a thriving economy. Oqood Service in Dubai plays a crucial role in facilitating the registration of real estate contracts and making sure that all parties involved are protected by law. The service is designed to make the registration process simple, fast, and secure for everyone involved.

The Oqood service is essential for investing in Dubai’s real estate market. By registering their contracts through the service, buyers and developers can ensure that their agreements are legally binding and protected by law. This decreases the likelihood of scams and other illegal activities in the real estate market, making it a safer and more attractive investment opportunity for everyone involved.

Understanding Oqood Service

Oqood is an online service provided by Emirates Real Estate Solutions (ERES) that enables the registration of all forms of real estate and property-related contracts in the off-plan market between consumers and real estate developers. In this section, we will explore the origin and meaning of Oqood, its role in Dubai’s real estate market, and the components of the Oqood service.

Origin and Meaning of Oqood

The word “Oqood” is derived from the Arabic language and means “contract.” The Dubai Land Department (DLD) provides Oqood as a digital certificate when a property is off-plan or on a payment plan. The Oqood fee is a one-time payment of 1040 AED, which the property owner needs to cover.Oqood Service in Dubai

Role in Dubai’s Real Estate Market

Oqood plays a vital role in Dubai’s real estate market, as it reduces paperwork and fraud activities and improves the whole procedure of any property-related activity. The service helps to meet the various demands of the real estate industry and ensures transparency in the off-plan market. Additionally, it offers developers and buyers a safe online platform to register contracts and make payments.

Components of Oqood Service

The Oqood service comprises several components that facilitate the registration of real estate and property-related contracts. These components include:

  • Registration of contracts: Oqood allows buyers and developers to register their contracts online, which helps to reduce paperwork and streamline the registration process.
  • Payment gateway: The service includes a secure online payment gateway that allows buyers to make payments for their contracts online.
  • Digital certificates: Oqood provides digital certificates to buyers and developers when their contracts are registered. These certificates are legally enforceable and function as evidence of ownership.
  • Customer support: Oqood provides customer support to buyers and developers who have questions or concerns about the registration process.

In conclusion, Oqood is an essential service that plays a vital role in Dubai’s real estate market. It offers a safe way for developers and buyers to register their contracts and make payments online. The service is easy to use, and its components facilitate the registration process, making it more efficient and transparent.

The Oqood Portal

The Oqood Portal is an online service Emirates Real Estate Solutions (ERES) in Dubai provides. This portal offers participants a convenient registration process for all real estate and property-related contracts in the off-plan market. The portal aims to streamline the management of off-plan properties in Dubai and provides a range of services tailored to meet the needs of developers.

Accessing the Portal

To access the Oqood Portal, participants must create an account on the portal’s website. Once the account is created, participants can log in to the portal and access the various services offered. The portal is accessible 24/7, allowing participants to manage their properties anytime.

Services Offered

The Oqood Portal offers services to help developers manage their off-plan projects and initial sales contracts. These services include:

  • Property Management: Participants can manage their properties effortlessly and keep tabs on their properties’ status.
  • Contract Registration: The portal offers a convenient registration process for all real estate and property-related contracts between buyers and real estate developers in the off-plan market.
  • Payment Management: The portal allows participants to manage their payments and keep track of their payment schedules.
  • Document Management: The portal offers a secure platform for participants to store and manage their property-related documents.

Portal Navigation

The Oqood Portal is user-friendly and easy to navigate. Participants can access the portal’s various services by clicking on the relevant tabs on the portal’s homepage. The portal also provides a help section where participants can find answers to common questions and get assistance with any issues they may encounter while using the portal.

In conclusion, the Oqood Portal is an online service that offers a range of services tailored to meet the needs of developers managing off-plan properties in Dubai. The portal provides a convenient registration process for all real estate and property-related contracts and allows participants to manage their properties effortlessly. The portal is accessible 24/7 and is user-friendly, making it easy for participants to navigate and use.

Off-Plan Property Transactions

Definition and Types

Off-plan property transactions refer to sales transactions involving properties yet to be completed. In other words, the properties are still in the planning or construction phase. These transactions are common in Dubai’s real estate market, where developers offer off-plan projects to buyers. Different off-plan properties exist, including residential, commercial, and mixed-use properties.

Role of Oqood in Off-Plan Sales

Oqood is a centralized system that handles off-plan properties and simplifies property transactions in this segment. It was created to close the gap between the Dubai Land Department and the Real Estate Regulatory Authority’s services and provide a more efficient way to handle off-plan properties. Oqood offers a convenient registration process for all types of real estate and property-related contracts between buyers and real estate developers in the off-plan market.

Oqood is crucial in off-plan sales transactions by ensuring that all contracts between buyers and developers are registered and tracked. This helps to prevent fraud and provides transparency in the sales process. Oqood also ensures that all necessary documents are submitted and fees are paid before the transaction is completed.

Project Progress Tracking

One of the essential features of Oqood is project progress tracking. This allows buyers to track the progress of their off-plan projects and ensures that developers meet their contractual obligations. Project progress tracking helps buyers monitor the construction process and make informed investment decisions.

Oqood is essential in Dubai’s real estate market, particularly in off-plan property transactions. It provides a centralized system to handle off-plan properties and simplifies property transactions in this segment. Oqood ensures that all contracts between buyers and developers are registered and tracked, provides transparency in the sales process, and allows buyers to track the progress of their off-plan projects.

Registration and Documentation

Oqood Registration Process

The Oqood service in Dubai is an online platform that allows buyers to register their real estate and property-related contracts with real estate developers in the off-plan market. The registration process for Oqood is relatively straightforward and can be completed online. Buyers must provide their property details, including the location, size, and type of property they purchase. They will also need to provide their details, such as their name, contact information, and Emirates ID.

Required Documents

To register for Oqood, buyers must provide certain documents. These include a copy of the company’s trade license, a letter of authorization (on corporate letterhead, signed and stamped by the authorized person), and a power of attorney (if the authorized signature is not included in the trade license). The registration process also requires buyers to pay a one-time fee of AED 1,040.

Issuance of Oqood Certificate

Once the registration process is complete, the Dubai Land Department (DLD) will issue an Oqood certificate. This certificate confirms that the buyer has registered their property with the real estate developer and that the DLD has approved the payment plan. The Oqood certificate is a digital certificate containing all the property details and the payment plan.

Overall, the Oqood service in Dubai provides a convenient way for buyers to register their property-related contracts with real estate developers in the off-plan market. By following the registration process and providing the required documents, buyers can obtain an Oqood certificate confirming their property ownership.

Financial Aspects

Fees and Charges

Regarding Oqood service in Dubai, fees are an important aspect to consider. The Oqood registration fee is a one-time payment of AED 1040 that the property owner needs to cover. This fee is essential for smart property investment decisions, especially regarding off-plan property deals in Dubai.

Apart from the registration fee, other fees are involved in the Oqood service. These fees vary depending on the payment plan and the type of property. Understanding these fees is essential to avoid any surprises and make informed decisions.

Payment Plans and Vouchers

Oqood service in Dubai offers various payment plans and vouchers to facilitate payment. These payment plans cater to different property buyers’ needs and financial capabilities. Some payment plans include the 10/90 payment plan, the 20/80 payment plan, and the 30/70 payment plan.

Payment vouchers are also available to help property buyers manage their payments. These vouchers can be used to pay the registration fee and other fees involved in the Oqood service.

Managing Payments through Oqood

Oqood service in Dubai provides a convenient payment management method. Through the Oqood portal, property buyers can manage their payments, view payment history, and check payment due dates. This feature ensures that property buyers never miss a payment and avoid penalties.

In conclusion, Oqood service in Dubai offers a convenient and efficient way to manage property-related contracts and payments. Understanding the financial aspects of the Oqood service is crucial for making informed property investment decisions. By utilizing the payment plans, vouchers, and managing payments through Oqood, property buyers can enjoy a hassle-free payment process.

Legal and Regulatory Framework

Oqood and RERA Regulations

Oqood is a digital certificate the Dubai Land Department (DLD) provides when a property is off-plan or on a payment plan. The certificate is a legal requirement for all off-plan property transactions in Dubai. Its purpose is to safeguard purchasers’ rights and guarantee that developers abide by the guidelines established by the Real Estate Regulatory Authority (RERA).

RERA regulates the real estate industry in Dubai. It sets the rules and regulations that developers and buyers must follow. The authority ensures that all parties involved in a property transaction comply with the laws and regulations set by the government.

Developers must register their projects with RERA and obtain all necessary approvals before selling any units. They must also provide buyers with a detailed sales and purchase agreement that outlines their rights and responsibilities.

Rights and Responsibilities

Oqood and RERA regulations ensure buyers have certain rights and responsibilities when purchasing off-plan properties in Dubai. Buyers have the right to:

  • Receive a detailed sales and purchase agreement outlining the transaction’s terms and conditions.
  • Inspect the property before making the final payment.
  • Receive compensation if the developer fails to deliver the property on time or as per the agreed specifications.
  • Obtain a refund if the developer fails to obtain all necessary approvals or cancels the project.

Buyers also have certain responsibilities, such as making timely payments and complying with the rules and regulations set by RERA.

No Objection Certificates and Power of Attorney

Buyers who wish to sell their off-plan properties before completion must obtain a No Objection Certificate (NOC) from the developer. The NOC confirms that the developer has no objection to selling the property.

Buyers who cannot attend the property transfer process in person may appoint a representative to act on their behalf. The representative must have a Power of Attorney (POA) document that authorizes them to act on behalf of the buyer.

Oqood and RERA regulations ensure Dubai’s fair and transparent off-plan property market. Buyers must know their rights and responsibilities to protect their interests and avoid legal issues.

Benefits of Oqood Service

Oqood service benefits buyers and developers in the Dubai real estate market. The service enhances transparency and security in property transactions, making it a reliable and convenient option for all parties involved.

For Buyers and Investors

Oqood service offers buyers and investors a secure platform to register property-related contracts in the off-plan market. The service ensures that all legal requirements are met and the transaction is transparent and secure. Additionally, buyers and investors can benefit from the following:

  • Easy registration process: The Oqood platform provides a convenient registration process that allows buyers and investors to register their contracts quickly and efficiently.
  • Protection of rights: Oqood service ensures that buyers’ and investors’ rights are protected and the transaction is legally binding.
  • Reduced risk: By using the Oqood service, buyers and investors can reduce the risk of fraud and other illegal activities in property transactions.

For Developers and Sellers

Oqood service offers developers and sellers a reliable platform to register their property-related contracts in the off-plan market. The service ensures that all legal requirements are met and the transaction is transparent and secure. Additionally, developers and sellers can benefit from the following:

  • Easy registration process: The Oqood platform provides a convenient registration process that allows developers and sellers to register their contracts quickly and efficiently.
  • Increased credibility: Using the Oqood service, developers and sellers can increase their credibility in the market, making them more attractive to potential buyers and investors.
  • Reduced risk: Using the Oqood service, developers and sellers can reduce the risk of fraud and other illegal activities in property transactions.

Enhancing Transparency and Security

Oqood service enhances transparency and security in property transactions by providing a reliable and secure platform for registering property-related contracts. The service ensures that all legal requirements are met and the transaction is transparent and secure. Additionally, Oqood service provides the following benefits:

  • Record-keeping: Oqood service records all transactions throughout the process, enhancing transparency and accountability.
  • Secure platform: The Oqood platform protects all transactions from fraud and other illegal activities.
  • Legal compliance: Oqood service ensures that all legal requirements are met, making the transaction legally binding and secure.

Oqood in the Secondary Market

Regarding the secondary market, Oqood plays a significant role in ensuring the legality and transparency of property transactions in Dubai. The Oqood certificate is mandatory for all off-plan projects and is highly recommended for secondary market properties.

Resale of Off-Plan Properties

In the secondary market, buyers and sellers of off-plan properties must register their transactions with the Dubai Land Department through the Oqood system. The Oqood certificate ensures that the property being sold is legally registered with the Dubai Land Department and that all necessary approvals and permits have been obtained.

Oqood’s Role in Property Transfer

The Oqood certificate is also crucial in property transfer. When a property is sold in the secondary market, the seller has to transfer the Oqood certificate to the buyer. This transfer ensures that the buyer is legally registered as the new owner of the property with the Dubai Land Department.

It is important to note that the Oqood system only handles off-plan properties. For properties already built and registered with the Dubai Land Department, the transfer of ownership is done through a different process.

In conclusion, the Oqood system is essential for property transactions in the secondary market for off-plan properties in Dubai. It ensures that all transactions are legal and transparent, providing peace of mind for both buyers and sellers.

Oqood for Property Management

Oqood is an online service provided by Emirates Real Estate Solutions (ERES) in Dubai that allows the registration of all forms of real estate and property-related contracts in the off-plan market between consumers and real estate developers. In addition to facilitating the registration process for off-plan properties, Oqood also offers a range of property management services.

Lease-to-Own Properties

Oqood provides a platform for managing lease-to-own properties, which are becoming increasingly popular in Dubai’s real estate market. This type of property allows tenants to rent a property for a certain period, after which they can purchase it at a predetermined price. Oqood’s lease-to-own property management services include:

  • Rent collection
  • Maintenance and repair management
  • Lease renewal management
  • Property inspection and evaluation

Managing Contracts and Terminations

Oqood also offers contract management services for off-plan properties. This includes the registration of contracts between buyers and developers and the management of contract terminations. Oqood’s contract management services include:

  • Contract registration
  • Contract renewal management
  • Contract termination request management
  • Property termination request management

In conclusion, Oqood is an effective tool for managing off-plan properties in Dubai. Its range of property management services, including lease-to-own and contract management, make it a valuable resource for buyers and developers.

Frequently Asked Questions

How can I apply for the Oqood service in Dubai?

To apply for the Oqood service in Dubai, investors must visit the Emirates Real Estate Solutions (ERES) website and create an account. After registering, investors can select the “Oqood” option and follow the instructions to complete the application process.

What is the contact number for the Oqood service in Dubai?

Investors can contact the ERES call center at 800-ERES (3737) for any inquiries related to the Oqood service in Dubai.

How can I download my Oqood certificate?

After completing the Oqood registration process, investors can download their Oqood certificate from the ERES website. They must log in to their account and select the “Download Certificate” option.

What are the steps to obtain an Oqood certificate online?

To obtain an Oqood certificate online, investors must first register an account with ERES on their website. After creating an account, they can select the “Oqood” option and follow the instructions to complete the registration process. Once the registration is complete, they can download their Oqood certificate from their account on the ERES website.

What is the difference between the Dubai Land Department (DLD) and Oqood?

The Dubai Land Department (DLD) regulates and oversees Dubai’s real estate market. At the same time, Oqood is an online service provided by Emirates Real Estate Solutions (ERES) that allows real estate and property-related contracts to be registered in the off-plan market.

How can I check my Oqood registration status?

Investors can check their Oqood registration status by logging in to their account on the ERES website and selecting the “Oqood” option. The status of their Oqood registration will be displayed on the screen.

Dubai MLS

For professionals in the real estate field, Dubai MLS is an essential tool, delivering a complete guide to navigating thriving brokerages, forming crucial connections with potential clients, and widening their proficient network. The platform displays a variety of opportunities. Immerse yourself in its array of services while you carve your path to success by affiliating with Dubai MLS.

مؤسّس منصة الشرق الاوسط العقارية

أحمد البطراوى، مؤسّس منصة الشرق الاوسط العقارية و منصة مصر العقارية ،التي تهدف إلى تبسيط عمليات التداول العقاري في الشرق الأوسط، مما يمهّد الطريق لفرص استثمارية عالمية غير مسبوقة

Related Articles

Get Latest Updates! *
Please enter a valid email address.

Categories

×