The Federation Council approved laws on the use of special accounts for individual housing construction
The Federation Council approved a package of laws creating in Russia a legal framework for the use of escrow accounts in the field of private housing construction. Now special accounts are used only in the construction of multi-storey houses and cottages in organized settlements.
Recall that the escrow mechanism in individual housing construction assumes that money from the customer goes to a special bank account and is stored there until construction is completed. The contractor can receive them only after the completion of the project, and he carries out the work itself at the expense of credit or his own funds.
The new law defines the concepts of «contractor», «customer», «house kit», «authorized bank». The list of banks where such accounts will be allowed to be opened is the same as for escrow accounts in new buildings.
According to the adopted law, a citizen will be able to choose a house kit, which will be standardized and consist of factory-made structures. After purchase, such a house kit is installed by a contractor (legal entity or individual entrepreneur), who must register in the housing construction information system. The database will contain complete information about such companies, house kits, cost and terms of work, as well as an authorized bank in which an escrow account must be opened.
After signing by the President of the Russian Federation, the new law will come into force on March 1, 2025. For now, this mechanism operates on an experimental basis. Within its framework, contractors working on escrow have the opportunity to apply for a preferential loan from authorized banks at a rate of no more than 1% per annum.
Another new law stipulates that funds placed in an escrow account are subject to insurance from the date of their placement until the expiration of three months from the date of posting in the unified information system of information on the registered property right of an individual in accordance with a previously concluded agreement. If necessary, payment of insurance compensation on an escrow account must be made by the deposit insurance agency within 20 working days from the date of submission of the necessary documents by the depositor or beneficiary.