The real estate market in Dubai is flourishing as people are buying and selling properties daily. The traditional processes of handling documents, monitoring payments, registration, and signing property papers, are all prone to errors and fraud when managed offline.
In the world of digitalisation, the real estate market can’t be left behind, and to have secure and efficient functioning, people are now shifting towards Oqood services. In this article, we will learn about the Oqood portal, its uses and various benefits offered by this service.
What is Oqood?
Oqood is a digital platform that was established by the Dubai Land Department. The main aim behind this platform is to maintain transparency and efficiency in all the transactions related to the property.
This platform is not just limited to property buyers; it is a unified portal meant for stakeholders, including real estate agents, sellers, and government officers. Oqood service is a major change in the real estate market as it reduces paperwork, and fraud activities, and improves the whole procedure of any activity related to property.
Uses of Oqood Services
Multiple functions are available for you to use on the Oqood portal. The Oqood service helps to meet the various demands of the real estate industry. Here are the primary uses of this portal:
- Manage Participants List
Oqood allows users, be they buyers, sellers, or developers, to manage the list of participants who are involved in their real estate transactions. Users can add new participants with their details or remove them with simple steps. This helps to directly interact with participants and maintain two-way communication throughout the transaction process.
- Property Management
Through the Oqood portal, you can easily add and edit the list of your properties, be it villas or buildings. You can set up your transaction plans, and you can even terminate your request for any properties. With the Oqood service, you can invest in off-plan property by searching for top areas.
- Managing All Payments
The payment management system on this platform will help you make efficient and secure payments for transactions related to real estate. Payments related to rents, service charges, instalments and the purchase and sale of properties are all safe and recorded. Your financial data is protected from third parties and you can easily refer to it whenever needed.
- Record & Registration of Procedures
The Oqood platform automates the records and registration of all the procedures related to property transactions. It offers various subsections of procedures that include property purchase, property on lease, mortgage, and property search. All the procedures come with simple guides, making sure that you mention all the required documents and approve them. This can reduce the risk of errors throughout the whole process.
- Generates & Manage Contracts
You might think that after completing each procedure, you need to go to a legal financial officer to make contracts for property. This concern is also solved by Oqood; this platform will generate contracts as per your requirements, there are various types of contracts available, such as lease contracts, mortgage contracts, etc. There are many customizable contract templates available as per your requirements.
- Generating Vouchers
With the help of Oqood, you can generate vouchers, which serve as records of payments made, or you can say receipts for all the transactions. It works as a layer of transparency between buyer and seller, informs participants, and keeps track of the whole transaction process.
Oqood allows the user to add sub-user accounts by assigning their role, whether they are buyers, sellers or agents. It will help to have a controlled workflow as such in transactions between all the members and manage communication between the buyer, agent, and seller.
Benefits of Oqood
Using the Oqood service will introduce you to various benefits that can bring a revolutionary change to the real estate market.
- Maintain Transparency: Transparency is essential for building trust between buyer and seller. The Oqood platform provides a record of all the transactions that have been made throughout the whole journey. This will help to let the users know how serious and authentic the participants are when it comes to buying and selling properties.
- Protect from Fraudulent Transactions: The Oqood provides secure payment methods, with security verification of participants on each transaction. This will safeguard the whole transaction process from the third party and will help the users to be safe from scams and fraud.
- Monitoring Project Progress: Not only developers and sellers, but buyers can also monitor the construction progress of off-plan properties. This can assure the users that they have invested in an authentic project.
- Valid Source of Information: Oqood makes sure that the users get authentic information about the properties that they search for. Data like investors, construction dates, sellers, and other such details are updated from time to time so that buyers and agents can make informed decisions before heading towards the transaction process.
The online service provided by the Oqood platform can result in a huge digital transformation in the industry of real estate in the UAE. This portal provides a user-friendly experience without confusing the users and providing them with a proper guide, as not everyone has detailed knowledge about the real estate market.
The future of the UAE’s real estate market can take the lead if more people are aware and start using this online portal. Oqood gives many reasons for people who are interested in off-plan property investment to rely on. When investing offline, it is difficult to monitor the project’s progress while maintaining the records of all the transactions. Hence, Oqood acts like an all-in-one platform for real estate deals.