Oqood literally means “contract” in Arabic. It is often pronounced as “O – qood”
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Oqood is a service provided to developers by the Dubai Land Department which aims to ease the registering of all types of contracts between off-plan properties developers and buyers. It allows developers to manage their off-plan properties and participants within a simple framework and user-friendly bilingual Arabic-English interface.
Oqood is required for all off-plan properties.
To the buyer of the property, Oqood does not offer any benefits or features as such besides protection from unlawful actions. It is however required by law and must be made on an off-plan property.
To the developers, the system enables them to:
- Management Framework: Log-in to a secure on-line application using a web-based interface
- Maintain their developments: Add their properties and populate property details on the application
- Land Department Support: Request and receive online approval from Land Department
- Sales Support: Register and perform a sales transaction after entering buyer & sales details in the process. Create sales registration receipts through the application with an auto generated Sales Agreement
- Receipt Creation: Generate the regulated registration and transaction fee
Oqood enables the developers to perform and register off-plan sales transactions smoothly with the full knowledge and approval of Dubai Land Department. The system allows the sale of the off-plan property to be a more transparent and regulated process. It safe guards the buyer from illegal practises, i.e a developer selling the same unit to multiple people, and also allows the developer to keep record of his properties.
The developer is required to populate the buyer and sale details in the online application and once the sale process is complete, a sales receipt can be produced through the system.
The main benefits ensured by Oqood are the reduction of time, uniformity of the approach and complete transparency of the registration fee structure.
Oqood serves to build and maintain a trusted regulatory community environment for the real estate industry in Dubai, benefiting both developers and buyers through complete transparency into the requirements, processes and fees.
The Oqood fee is paid by the buyer and is 4% of the Original Price.
Oqood is paid on the Original Price (OP) of the property and not on the (SP) Selling Price of the property.