Managing jointly owned properties in Dubai comes with its own set of legal and administrative responsibilities. One key aspect of that is handling the Escrow Account, which ensures transparency in financial matters related to jointly owned real estate.
If you’re looking to change the bank account trustee for your property, you’ll need to follow an official process under the supervision of RERA (Real Estate Regulatory Agency) and through the Mollak system.
How to Change the Bank Account Trustee of the Jointly Owned Property in Dubai
This service enables Owners Associations to request approval for changing the escrow account trustee of a jointly owned property. The process includes updating the associated bank account details and ensuring all relevant documentation and balances are properly transferred.
Documents Required to Change the Bank Account Trustee of the Jointly Owned Property
To proceed with the change of the escrow account trustee and the associated bank account number for a jointly owned property, the following documents must be submitted:
- An approval letter issued by the Owners Association confirming their consent to change the escrow account trustee and update the bank account details of the joint ownership property.
- A letter from the owners of the real estate units in the joint property, stating their intention to open a new account with the specified bank. This letter should also include the final date for accepting payments into the old account and provide relevant account details.
- A no-objection e-letter or eNOC from the current escrow account trustee, submitted through the Mollak system, indicating they have no objections to the change.
- A no-objection e-letter from the newly proposed escrow account trustee, also submitted through the Mollak system, confirming their acceptance of the responsibility.
Important Terms & Conditions
Make sure you consider these terms and conditions before you begin the process to apply to change bank trustee jointly owned property in Dubai.
- The old escrow account cannot be closed until Real Estate Regulatory Authority grants official approval.
- The old trustee must transfer all funds and relevant records (like budgets and expenses) to the new account.
- The new trustee must submit the new account details through the Mollak system.
Step-by-Step Process to Change the Bank Account Trustee of the Jointly Owned Property in Dubai
Here’s how you can change the bank account trustee of jointly owned property in Dubai online:
- Step 1: Sign Up or Log In to Mollak: If this is your first time, you’ll need to create an account at the Mollak system. Existing users can simply log in and choose the appropriate service.
- Step 2: Submit Your Application: Fill in the required details and upload all the necessary documents mentioned above.
- Step 3: Application Review: RERA will audit your application and either approve or reject it. You’ll receive this update directly through the Mollak system.
- Step 4: Approval Notification: Upon approval, you’ll get an official email notification confirming the change.
- Step 5: Data Reflected on Mollak: The updated details will now be visible on the Dubai Land Department’s Mollak system, confirming the new trustee and account information is officially in place.
FAQs
What documents are required to change the bank trustee for a jointly owned property?
You need approval from the Owners Association, letters from property owners, and no-objection letters from both the old and new trustees via the Mollak system.
How long does the approval process take for changing the bank trustee?
Timelines may vary, but you’ll be notified through the Mollak system once RERA completes its review, typically within a few business days.
Are there any fees associated with changing the bank trustee for a property?
No, the service is completely free.
Can the current bank trustee object to the change?
Yes, if the current trustee does not provide a no-objection letter, the application cannot proceed. Besides, you can also cancel account trustee application in Dubai by following this process.
Changing the escrow account trustee for a joint ownership property in Dubai is a straightforward process with the right documents. Be sure to communicate clearly with both your old and new trustees and follow the steps carefully via the Mollak system.
Besides, if you’re looking to take advantage of Dubai’s thriving real estate market, explore these properties for sale in Dubai and find the perfect unit to invest in.
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