What Is Oqood and Difference Between Title Deed and Oqood in UAE?
What is Oqood Certificate in Dubai?
In Dubai, the real estate sector adheres to well-defined rules and procedures to promote transparency and safeguard the interests of both buyers and sellers. Among the crucial documents utilized in real estate transactions is the “Oqood” certificate. This digital certificate, issued by the Dubai Land Department (DLD), is a vital component when dealing with off-plan or payment plan properties. It ensures smooth and secure transactions, providing peace of mind to all parties involved.
When developers sell off-plan properties (properties that have yet to be constructed), they must register these properties and their details in the Oqood registration system. This registration ensures legal protection for both buyers and developers, fostering a secure environment for all parties involved.
After registering a property in the Oqood system, the buyer is issued an Oqood certificate that acts as irrefutable evidence of ownership. This certificate includes crucial information such as property details, purchase price, payment schedule, and developer particulars.
The Oqood system not only enforces adherence to precise regulations and guidelines, but also ensures developers fulfill their financial obligations and meet construction timelines. By providing transparency and accountability in the off-plan property market, it safeguards buyers and promotes trustworthiness.
Difference between Oqood and Title Deed
The Oqood certificate is a document issued by the Dubai Land Department (DLD) as part of the off-plan property registration process. It serves as proof of ownership for buyers of properties that are yet to be constructed. This certificate includes vital details such as property information, purchase price, payment schedule, and developer’s information. By providing transparency and legal protection, the Oqood certificate ensures a secure transaction for buyers involved in off-plan property purchases.
In contrast, the title deed (also referred to as a property deed or ownership deed) is a legally binding document that validates property ownership upon completion and readiness for occupancy. It encompasses details about the property, the owner’s information, and pertinent restrictions or encumbrances. Moreover, the title deed stands as definitive evidence of ownership.
The Oqood certificate and title deed are instrumental documents in the real estate process, each playing a distinct role. The Oqood certificate pertains primarily to off-plan properties, whereas the title deed is associated with completed properties.
Essential Documents for Real Estate Power of Attorney in Dubai
When granting a real estate power of attorney in Dubai, it is crucial to have all the necessary documents in order. The Title Deed is often a common requirement for a POA for a Real Estate Sale. However, in situations where the title deed is not readily available, an Oqood certificate can serve as an alternative for establishing ownership.
A power of attorney (POA) grants authority to an attorney-in-fact, allowing them to act on your behalf in a range of real estate matters. This encompasses tasks such as property transactions, contract signing, property management, and the handling of legal and financial affairs pertaining to the property. By giving your chosen agent this power, you ensure efficient representation and management of your real estate interests.
While the Title Deed is typically the main document for establishing ownership, the Oqood certificate offers a viable solution in situations where the title deed is not yet accessible. It provides a dependable means to verify ownership rights, enabling the granting of a Real Estate Sale Power of Attorney and facilitating seamless and efficient real estate transactions.
How to get Real Estate Power of Attorney Online in Dubai?
Dubai Courts’ electronic notarization service, known as the e-notary portal, offers the convenience of notarizing a power of attorney from anywhere, eliminating the need to visit a notary’s public offices. To obtain your UAE real estate power of attorney online, simply follow the steps outlined below:
Step 1 – Application
To start, simply place your POA order online. You have the option to choose between our General or Property power of attorney packages. If you need any assistance, feel free to contact us. We’re here to help!
Step 2 – Drafting
We will gather the necessary information from you and deliver the draft of your POA in both English and Arabic via email. You can review and approve it at your convenience.
Step 3 – Receive
Once your request is approved, we will guide you through the entire process of electronically notarizing your POA. Rest assured, you will receive the notarized POA promptly in your email.
Conclusion
By granting a Real Estate Power of Attorney, you can entrust crucial responsibilities to a trusted representative. This streamlines the process and guarantees the protection of your interests, even when you are unable to personally attend to real estate matters.
Reach out to us today to obtain your UAE Power of Attorney.
Disclaimer: The information provided on this page is intended for general informational purposes only and should not be relied upon as legal advice or as a basis for any particular action or decision. The content on this page does not establish a lawyer-client relationship, nor does it substitute for legal advice or services tailored to your specific circumstances. We recommend that users consult their own lawyer or legal counsel to obtain advice on any specific legal matters they may have.