The developer requested the concerned authority to activate an escrow account for an off-plan project. The process of opening an account is different in every Emirate. 

To elaborate on the process, here we have mentioned the steps to open an escrow account in Dubai. 

• Log in to the “Oqood” portal and select “Escrow Account Link”.
• Choose the required service and submit the application. Once the application is submitted, it will be directly transferred to the account trustee. 
• The trustee will scrutinise the application, upload the documents and forward it to the TAS system. 
• The escrow account department will verify and either reject or approve the application. In case of approval, the system will be updated automatically. 
  
  

The only document required to process the application is the project’s payment plan. However, prior to submitting an application, developers are required to fulfil the criteria mentioned by DLD Dubai.  

Remember that this process is only valid for developers in Dubai, the developers in other Emirates should cater to the process mentioned on the website of land authorities.