OQOOD CERTIFICATE
An Oqood certificate is a pre-registration document specific to Dubai, not the entire UAE. It's a temporary form of proof of ownership for off-plan properties, securing the buyer's investment until the property is completed and a Title Deed is issued.
The Oqood system is managed by the Dubai Land Department (DLD).
Elaboration:
- Oqood for Off-Plan Properties:
Oqood is primarily used for off-plan properties, meaning those still under construction. It ensures the buyer's rights are protected during the development process. - Dubai-Specific:
The Oqood system and its associated regulations are specific to Dubai, not the entire UAE. While the concept of pre-registration for off-plan properties might exist in other Emirates, the specific system and documentation (Oqood) are not standardized across the UAE. - Title Deed vs. Oqood:
Once the property is completed and handed over to the buyer, the Oqood is replaced by a Title Deed, which is the final proof of ownership. - DLD Role:
The Dubai Land Department (DLD) plays a key role in the Oqood system, registering off-plan properties and issuing the Oqood certificate. - Not a Universal UAE System:
There is no standardized Oqood-like system for all Emirates within the UAE. Each Emirate may have its own regulations and procedures for managing property sales, particularly for off-plan properties.