Organization : Dubai Land Department
Type of Facility : Certify/ Renewal of Account Trustee
Country: United Arab Emirates
Website : https://dubailand.gov.ae/ar#/
Certify/ Renewal of Account Trustee:
Customer Type: Developer, All
Related : Dubai Land Department Developer’s Request To Join Dubai’s Real Estate Sustainability : www.statusin.org/10311.html
Service Description:
This services allows all financial institution in the country to certify themselves as account trustees for escrow accounts.
Service Requirements:
1- Licensed by the Central Bank.
2- Technical management to monitor projects or contract with consulting work for such monitoring and follow-up.
3- Enrollment of employees in this unit in a training session (escrow account for the Trustees course) about how to apply the law and the Regulations.
4- Ensure the compliance of audit firms with the annual evaluation criteria (in the case of renewal):
a. Obligation to provide monthly reports by the models and issued decisions
b. Not to exceed 3 warnings within on fiscal year.
c. Review the field visit reports of account trustees and the extent of the obligation to reform.
d- provide a list of the employees in addition to the contact information on a quarterly basis.
5- Integrated unit to manage the escrow account in the Emirate of Dubai.
6- Electronic system certified by the company to manage the escrow accounts
8. signing an agreement of the audit office with the Land Department (new audit office)
9. A letter from the account trustee about opening branch accounts in the name of the investors for all real estate units.
Service Fees:
AED 75,000 + AED 10 as knowledge surcharge
Service Centers:
This service is provided by the Escrow Account Section of the Escrow Account Department.
Certify/renewal of audit office :
Description :
** This services allows all audit offices in the country to renew or enlist itself as an approved audit office
Required Documents :
1- Licensed by the Economic Department as audit firm.
2- Submit a resume and answer questions approved by RERA (New application).
3- Provide articles of incorporation.
4- Enrollment of employees in this unit in a training course on how to apply the law and the Regulations.
5- Ensure the compliance of audit firms with the annual evaluation criteria (in the case of renewal)
6- signing an agreement of the audit office with the Land Department (new audit office)
Service Procedures :
Service Fee : AED 50,000 + 10 AED as knowledge surcharge
Service Branches :
** The service is provided by the escrow account department at the real estate escrow accounts administration
Request for Registration of a Developer :
Description :
** This service allows any real estate developer to apply for registration in the Real Estate Developers Register maintained by the Dubai Dubai Land Department. All real estate developers licensed by the Economic Department or the licensing entities approved (free zones) carrying out the activity of real estate development may register projects.
** The service is provided by the Real Estate Developers Registration Section at the Department of Real Estate Escrow Accounts.
Required Documents :
** Application form for registration of a developer/ project.
** Form for updating the contact details.
** A valid copy of the commercial licence.
** Valid Membership Certificate issued by Dubai Chamber of Commerce and Industry.
** Title deed of the land plot.
Service Procedures :
** The developer shall submit the commercial license with the registration requirements as developer and shall complete all the forms. He shall be certified as real estate developer after ensuring that the requirements are met and a real estate developer certificate is issued.
Service Fee : N/A
Service Branches : Developers registration Section