EPISODE 15

Welcome back to The Conveyance Desk.In Episode 14, we covered Power of Attorney for property transfers. Today, we're looking at off-plan resale — selling an off-plan property before handover by assigning an Oqood-registered position to a new buyer.This is general educational content, not legal advice. Always check your SPA and developer requirements.What Is an Off-Plan Resale?An off-plan property is still under construction. The buyer holds an Oqood registration rather than a title deed. Before handover, that position can often be sold to a new buyer through an assignment.The new buyer takes over the original buyer's rights, obligations, payment plan, and eventual handover.Key ConditionsTwo requirements usually apply:The Oqood must be registered.The SPA must permit assignment.Some developers impose holding periods, approval requirements, or assignment restrictions, so reviewing the SPA is essential before listing the property.The Developer's RoleThe developer is a key party in the assignment process. They typically:Approve the assignmentIssue an assignment NOCUpdate their recordsCollect any assignment fee specified in the SPAAssignment fees vary by developer and should be considered when calculating costs.What the New Buyer ReceivesThe new buyer assumes:The existing SPA termsRemaining instalmentsThe expected handover dateThe registered Oqood positionThe original buyer's interest is replaced, and the new buyer becomes the developer's customer until handover.Understanding PricingOff-plan assignments differ from ready property sales.The buyer pays the seller an agreed assignment amount and then continues paying the remaining instalments to the developer. The total cost includes the assignment price, future payments, and applicable fees.The Transfer ProcessAssignments are commonly completed through DLD and a Trustee Office.The parties submit the required documents, pay the applicable fees, and the Oqood is transferred into the new buyer's name.Common DelaysMost assignment issues arise from:Developer NOC delaysOutstanding instalments or arrearsMortgage approval timelinesIncorrect documentationAddressing these issues early can prevent last-minute complications.Key TakeawayAn off-plan assignment is not the sale of a title deed. It is the transfer of a registered contractual position in a property that is still under construction.Once the project is completed and a title deed is issued, future sales follow the standard property transfer process.In the next episode, we'll cover family gift transfers, eligibility requirements, and the reduced DLD fee structure.