Importance of Oqood Property Document in Dubai (Benefits + Steps to Obtain)

What is the Property Oqood Deed in Dubai?

The Oqood document in the Dubai real estate market is essentially a type of digital certificate issued for off-plan properties. The purpose of using this deed is to simplify the registration process for real estate investors in Dubai. The Oqood deed is a digital certificate granted by the official Dubai Land Department (DLD) for off-plan properties.

Details about the Oqood Property Deed in Dubai

To ensure the legality of the Oqood deed for properties in Dubai, it is recommended to familiarize yourself with the Dubai Land Department (DLD). In fact, the DLD is a government entity that acts as a regulatory authority overseeing the process of buying and selling properties in Dubai. Thanks to the presence of such a reputable organization, investors experience a completely transparent and secure investment process in Dubai.

The Dubai Land Department (DLD) offers a wide range of services, including property status inquiries, ownership certificate verification, and rental index inquiries. Property ownership in Dubai also comes in various types, and the issuance of the Oqood deed applies to each of these.

To better understand the concept of the Oqood property deed in Dubai, it’s important to know that the term )Oqood( in Arabic refers to contracts. Oqood is an online platform managed by Emirates Real Estate Solutions for off-plan property transactions.

Types of Property Ownership in Dubai

One of the most important aspects of buying property in Dubai for foreign nationals is becoming familiar with the different types of property ownership. Below we introduce the types of property ownership in Dubai.

• Freehold Ownership: Freehold ownership is one of the most popular types of property ownership in Dubai. With this type of ownership, as a buyer, you can sell, transfer, or even rent out the property! In addition to these advantages, a freehold owner can also pass the property on to their heirs.
• Leasehold Ownership: In leasehold ownership, the buyer can own the property, but the land remains under the original owner’s control. This type of ownership allows buyers to purchase properties in Dubai at a lower price, but it is important to note that lease agreements typically last for 99 years.
• Local (GCC) Ownership: This type of ownership is reserved for UAE citizens and residents of Gulf Cooperation Council (GCC) countries. In simple terms, local ownership is not available for foreign nationals. However, investors residing in any GCC country can take advantage of this opportunity to buy property in designated areas of Dubai.

The Importance of the Property Oqood Deed in Dubai

In the field of investment in Dubai, having a valid digital certificate as a Oqood document is of great importance in ensuring the security of the transaction and its legality. With such a certificate, property buyers can gain confidence in the ownership of the property they purchase. Simply put, the Oqood deed is a valid digital certificate that confirms the buyer’s ownership and solidifies the legal transfer process of the property.

Steps to Obtain the Oqood Deed

The process of obtaining the Oqood deed for a property in Dubai is not very complicated, but certain steps must be followed carefully and in order. To ease the process of issuing the Oqood deed, it is advisable to seek assistance from a reputable international real estate agency.

Newwy is a trusted real estate company in Dubai that provides comprehensive services for property investment in the city. With their help, you can complete the following steps to obtain your Oqood deed in the shortest time:

1. Register in the Oqood System: Initially, both buyers and developers must register in the Oqood system.
2. Pay the Relevant Fees: After completing the registration on the Oqood platform, you will need to pay the fees for issuing the deed.
3. Upload Documents: To receive the Oqood deed, you will need to upload documents such as identification, the purchase agreement, and financial documents on the platform.
4. Issuance of the Deed: Once all the necessary documents are completed and the fees are paid, the Oqood deed will be issued to the applicant after final approval by the Oqood platform.

The Key Benefits of Using the Oqood Property Deed in Dubai

Issuing a contract document has many advantages, even when buying a house in installments in Dubai. As you may know, in installment-based purchases, there may be unauthorized legal and financial exploitations. However, with the issuance of such a valid certificate, you won’t face these kinds of issues. Overall, using the Oqood deed in property transactions in Dubai offers the following benefits:

• Transaction transparency
• Speed in contract registration and recording
• Guarantee of transaction security
• Online tracking of deed status
• Assurance of legal property registration
• Proof of ownership for the buyer
• Reduction in legal and regulatory issues

Conclusion on the Oqood Property Deed in Dubai

Finally, it must be said that the Oqood property deed in Dubai is an essential and effective tool for the transfer of off-plan properties. This electronic certificate provides the highest level of security, speed, and transparency, creating a secure platform for buyers and developers to conduct legal real estate transactions in Dubai.