The moment you decide to acquire a property is electric. It represents a significant personal achievement and a substantial financial commitment. In this market, a specific registration system exists to protect that investment from the initial agreement.
Having knowledge of this system and the rights it affords you is the most powerful tool a buyer can possess.
What is the Oqood system?
Oqood Dubai real estate system acts as an official, government-led portal for off-plan property sales. Before its introduction, buying a property under construction carried different risks. Now, this framework creates a transparent and secure process. It mandates that all initial sale agreements between a developer and a buyer are recorded and regulated by the central land department, providing immediate legal standing.
Your right to a registered contract:
Your primary protection is the right to have your sale agreement officially logged. This process converts a simple paper contract into a government-recognized document. This registration is your first and most important line of defense, formally noting your financial interest in the specific property unit and preventing any possible duplicate sales.
Your right to payment security:
A core feature of this system is the secure payment structure. Your deposits and installment payments do not go directly to the developer without oversight. They are managed through a protective mechanism, often an escrow account, which is strictly monitored. Funds are only released to the developer according to pre-defined construction milestones, directly linking your financial outlay to project progress.
Your right to transparency:
You have the right to complete clarity. The system grants you access to track the developer’s progress on the project. You can verify if the claimed construction stages, which trigger your installment payments, have been genuinely achieved. This transparency ensures you are only paying for tangible advancements, not promises.
Your right to legal recourse:
Should a dispute arise between you and the developer, you are not left alone. The governing authority provides a clear and accessible legal pathway for conflict resolution. This specialized committee exists to handle such real estate disputes fairly and efficiently, upholding the rules set forth by the registration system.
Your right to project cancellation clarity:
In the event a registered project is officially canceled, the system protects your investment. Regulations dictate a clear procedure for compensation. You have a right to restitution, which typically includes the recovery of all funds paid plus a stipulated return, as determined by the land department’s policies.
