On Jul. 22, RUS GVT published law on the use of escrow accounts.
RUS GVT issued law 186-FZ on the construction of residential buildings under construction contracts using escrow accounts.
Document dated Jul. 22, 2024, was added on Sep. 30, 2024 due to editorial backfill.
Key Points
The law regulates relations connected with construction by legal entities and individual entrepreneurs of residential buildings on land plots owned by citizens of Russia.
It regulates land plots provided to citizens on the right of lease, gratuitous use for the purpose of acquiring right of ownership of residential premises built on such land plots.
Furthermore, this includes use of industrial products of the forest industry complex and/or other industrial products manufactured on the territory of Russia.
In accordance with a construction contract, funds for payment of the price of which are placed by customers in escrow accounts to protect their rights and legitimate interests.
