Difference Between Title Deed And Oqood

The real estate industry is very complicated. If you intend to buy or sell a house soon, especially, you may find yourself in serious difficulties if you don't comprehend the specifics and language of the real estate industry. The distinction between title and oqood is one issue that many appear to have frequently.
Please continue reading to learn more about both so that you can distinguish between them much more easily. If you intend to deal with real estate abroad, this is extremely crucial.

Title Deed
The title deed is among the most important documents you need to comprehend when it comes to properties in Dubai or anywhere else in the world. You are as good as making up the fact that you purchased a property if you don't have the title deed for that specific property. A title deed is used for clarity in order to avoid legal issues involving claims.

A title document will be given to you once the purchase of a goods is complete. The only document that specifically identifies your ownership of the land is this title deed. This paperwork provides unmistakable evidence that you are the rightful owner of the property.
Moreover, especially in places like Dubai, you will need this certificate on hand if you want to sell your home again or rent it out to someone in the future. To ensure a seamless process for anyone looking to buy a property, make sure you register with the necessary agencies and that you have successfully gotten your title deed.

You must keep in mind that the title deed is the paper or document issued to you after the sale and the entirety of the agreement for the house have been completed in order to distinguish it from oqood.


Oqood
Oqood is another word for real estate that is frequently used in Dubai and which many foreigners find confusing. Confusion in this area might cause you a lot of unnecessary trouble and hassle. Although title deed and oqood may sound very similar, there is a key distinction between the two.
While the property is being prepared, the developers will issue an individual with an oqood. the planning is being done or when the house is being built. RERA (Real Estate Regulatory Authority) will release a crucial document at this moment. The person making the purchase is listed on this document, which is provided by RERA. An oqood is intended to ensure that the property being sold is registered in the name of the specified person.
Oqood instantly changes into a title deed whenever a project or piece of property is finished being built. The oqood is a requirement under the local law for anyone wishing to make a purchase. The buyer must also contribute a sum equal to 40% of the home's sale price as well as a few administrative fees.
That's all there is to it. It is not the case that the two are interchangeable, despite the fact that they sometimes be misleading. Before you go out to make an international transaction, be sure you are up to speed on all the legalese.

By: Nitin Bhargava

Date Created: 2023-01-26 16:31:12