
If you’ve traversed the streets of Dubai for a while now, you may have encountered the Mollak system, whether as a purchaser or lessee.
However, if you’re a recent arrival and find yourself uncertain about the nature of the Mollak system or how to engage with it – fret not, we’ve undertaken the exhaustive task of elucidating its essence and the steps for involvement!
What is the Mollak System?
Mollak represents an avant-garde digital service infrastructure tailored for shared property ownership. This system enables unit proprietors to adeptly oversee their service fees, mitigating potential disputes and inconveniences with their co-owners.
By facilitating the registration process for maintenance firms and diligently monitoring escrow accounts and service levies, the Mollak service ensures a harmonized operational environment for all stakeholders vested in jointly owning a property.
What Benefits does Mollak Offer Co-Owners?
Conceive of it as a steadfast companion for property co-owners, streamlining their collaboration with association administrators – Mollak encompasses a host of advantages such as:
Responding to the community’s demand for transparency, Mollak ensures accessible oversight of regulated accounts.
Periodic invoices, overseen by the Owner Association’s management, are seamlessly disseminated to all enlisted proprietors.
Compatible with a variety of payment modalities, Mollak has captured the attention of esteemed financial institutions in Dubai, including Al Mashreq, Emirates NBD, UBL, and the Commercial Bank of Dubai.
How Does Mollak Operate for Co-Owners?
Eager to embark on this journey? Here’s a comprehensive roadmap to follow:
Management entities must satisfy stipulated criteria for enrollment of their organization and key managerial personnel into the system. Upon registration, each project managed by a firm will be designated as an independent ‘property consortium’, provided all prerequisites are met. Furthermore, an online pact will be executed to formalize community management.
To remit service fees, firms must establish a sanctioned bank account endorsed by DLD. Subsequently, management firms will apportion a financial plan for each property consortium and submit it to Mollak for scrutiny by an audit entity. Following evaluation, the audit entity will forward the budget to DLD for ultimate approval via Mollak. Upon sanction, Mollak will issue a confirmation notice for the entire budgetary period to the proprietors.
Proprietors enjoy the convenience of remitting service fees through diverse online payment avenues, including Noqoodi. Mollak Dubai can be accessed through DLD website. Property owners can enter their property details and easily check service charges.
What Protocols and Statutes Must You Adhere to for the Mollak System?
The Dubai Land Department has instituted pivotal protocols and statutes that jointly-owned property proprietors must acquaint themselves with. One salient prerequisite is the necessity for a covenant or agreement to share a property’s proceeds with a co-proprietor. Here’s an elucidation of this covenant:
The covenant is indispensable for each parcel of land, whether it constitutes a plot with a structure or merely a segment of a building.
Registrations for plot covenants can only be effected if they are enumerated in the endorsed roster of jointly owned units.