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Uzbekistan Seeks to Protect Buyers' Funds for New Housing with Escrow Accounts

The Legislative Chamber of the Oliy Majlis is discussing escrow accounts for buyers' funds and the replacement of developers if a project encounters serious difficulties.

04 Nov, 11:26Read in Russian

The proposed bill provides for the storage of buyers' funds in special bank escrow accounts. The developer will gain access to the money only after meeting the agreed requirements, which should reduce the risk of their misuse.

In the event of serious disruptions in project implementation, the completion of construction may be entrusted to another developer. The new regulations will affect buyers of housing, developers, banks, investors, and other participants in the real estate market.

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