The Federation Council is developing a bill on the possibility of a phased payment of funds to the developer from escrow accounts. Let us remind you that earlier funds from such accounts could not be used until the first apartment was registered in the ownership of the tenants. Now we are talking about the possibility of partial use of the means of an escrow account, as certain stages of work are completed. The corresponding proposal is contained in the list of measures to improve the legislation of the Russian Federation in connection with implementation of measures aimed at ensuring the functioning and further development of the economy and social sphere in new conditions.
“To establish the possibility of partial transfer of funds from escrow accounts to the developer as the individual stages of the construction of the facility are completed. Develop a draft federal law on amendments to the law “On participation in the shared construction of apartment buildings and other real estate objects”, allowing for a phased disclosure of accounts escrow and the procedure for such disclosure, including how to determine the amount of funds transferred to the developer before the facility is put into operation, ”the document at the disposal of TASS.
Recall that this option for settlements of equity holders with developers was introduced on July 1, 2019. Previously, developers could use the money of equity holders only after the facility was put into operation and the ownership of the first apartment was registered in the Unified State Register of Real Estate.
Source: TASS
