Offplan / Oqood Registration
The ‘Oqood’ (Arabic for ‘contract’) system was introduced as a response to the increasing volume of offplan property transactions in Dubai. It has been developed exclusively for developers to register their properties and manage projects and sales contracts. It is also an important means to centralize, manage, monitor and regulate offplan transactions, contract registrations and transaction fees in accordance with the Dubai Land Department regulations.
Much the same as a Title Deed on a completed project, the Oqood Certificate is equally as important for the registration of an offplan property. It is the pre-registration of ownership of the property in your name and registers your interest at the Dubai Land Department. Once the project is completed, the Oqood stage moves into the Title Deed stage.
Regardless of whether the property is completed or not, owners should always ensure that they have a Title Deed Registration or Oqood Certificate to show that they have paid the requisite registration fees and to prove that they are the legal owners of the property. This will prevent any potential disputes or alternative claims to ownership thus protecting your proprietary interests with both the developer and Dubai Land Department.
Getting your Title Deed Registrations is a must in Dubai. Make sure you hire a trusted partner!