The excitement of selecting a future home or a promising investment from architectural drawings is a powerful feeling. You are buying into a vision, a promise of what will be. This process, while thrilling, comes with inherent questions about financial security.
This is where the Oqood system acts as a key safeguard, providing structure and confidence for every investor.
A direct contract with the developer:
The Oqood off plan services establish a formal, legally binding agreement directly between you and the real estate developer. This contract is officially registered with the land department, creating a transparent record of your purchase. It clearly states the payment plan, project specifications, and the agreed-upon completion date, locking in your rights from the outset.
Instant registration of your rights:
Upon issuing your Oqood certificate, your interest in the property is immediately registered in the official government database. This public record proves you are the legitimate owner of that specific unit. It prevents any strength for the developer to offer or sell the same unit to another party, effectively eliminating the risk of double-selling.
Escrow account compliance:
Your payments are never sent directly to the developer. By law, all funds for off-plan projects are held in a secure, government-regulated escrow account. The developer can only access these funds at specific construction milestones, as certified by independent engineers. This ensures your capital is used solely for building the project you invested in.
A secure framework for payments:
The Oqood system formalizes the payment schedule linked to construction progress. You only pay when the developer completes predefined stages of work. This protects your capital, ensuring you do not make advanced payments for unfinished work. It aligns your financial contributions with tangible on-site progress.
Legal priority and asset security:
Your registered Oqood certificate provides legal priority over the property. Should any legal issues arise involving the developer, your ownership rights are clearly established and protected. This registration secures your asset, making it a distinct and protected holding within your portfolio.
A transparent development process:
The registration process involves developers to adhere to strict guidelines and provide necessary approvals. This nurtures a transparent development environment. You gain peace of mind knowing the project is legitimate, monitored, and built according to the promises made at the point of sale.