What is Oqood?

[PETE90]

Hi there

I need educating on the subject of Oqood. I purchased a flat back in 2005 and have paid 214,500,00 dms but still nothing built with the exception of a lot of excuses and lies and now this project seems on hold for the foreseeable future.

Having spoken to RERA unless I take my case through the appeal courts (yeah right..... More money after bad) I was told of Oqood which having it explained to me over the phone did not make much sense. I looked this up on the website and am still none the wiser.

Can someone please explain this to me in simple terms what it means, how much it costs and can it benefit those of us whose funds are stuck on a project that seems on hold for the foreseeable future.

Many thanks and kind regards

Pete

 

[georgihh]

Hi there

I need educating on the subject of Oqood. I purchased a flat back in 2005 and have paid 214,500,00 dms but still nothing built with the exception of a lot of excuses and lies and now this project seems on hold for the foreseeable future.

Having spoken to RERA unless I take my case through the appeal courts (yeah right..... More money after bad) I was told of Oqood which having it explained to me over the phone did not make much sense. I looked this up on the website and am still none the wiser.

Can someone please explain this to me in simple terms what it means, how much it costs and can it benefit those of us whose funds are stuck on a project that seems on hold for the foreseeable future.

Many thanks and kind regards

Pete

Oqood means ‘contracts’ in Arabic.

Over recent years, off-plan property transactions have seen a tremendous increase across the UAE, but particularly in the Emirate of Dubai. Despite the establishment of the Dubai Land Department and the Real Estate Regulatory Department (RERA),there has not been a uniform or centralized way to manage off-plan transactions, contract registrations and transaction fees.

In order to serve this demand, Emirates Real Estate Solutions (ERES) was founded in 2008 as a subsidiary of Dubai Land Department and the Real Estate Regulatory Authority (RERA),to create an online platform to meet the needs of the Real Estate Industry in a uniform, easy to access and centralised matter.

One of these services is Oqood is an online service by Emirates Real Estate Solutions (ERES),allowing a uniform registration of contracts for all off-plan property transactions in Dubai in accordance with Dubai Land Department regulations.

 

[monsi]

How do they ensure one unit is fraudulently sold to many buyers?

Does the buyer need to be present or provide a Power of Attorney for a developer to register an existing contract on Oqood?

Does the developer have to provide the buyer proof that the agreement has been registered?

If not, how can they make sure the developer doesn't sell the unit to many different 'buyers' but register the unit in the name of a different one on Oqood?

I am trying to find out if an old contract was ever put on Oqood and can't. No Oqood receipt was ever provided by the developer.

 

[oasis2buyer]

The only fees payable an investor had to pay and were advised of this back in 2007 ws a percentage of 1 percent was to be paid to the lands department when selling in the future - no other fees were mentioned other than the price of the off plan apartment - sounds like ogood is nogood!