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Escrow account


An escrow account is opened by an authorized bank (escrow agent) for the purpose of accounting and blocking funds received by the bank from the account holder - a participant in shared construction (depositor) towards payment of the price under the participation agreement in shared construction relating to a multi-apartment building and/or another real estate object, with the aim of transferring such funds by the escrow agent to the developer (beneficiary) in accordance with paragraph 6 of this article1.

  1. Federal Law of the Russian Federation dated 01.07.2018 No. 175-FZ «On introducing amendments to the Federal Law »On participation in shared construction of multi-apartment buildings and other real estate objects and on introducing amendments to certain legislative acts of the Russian Federation" and separate legislative acts of the Russian Federation". 2018, edition dated 2018-07-01, article 1, paragraph 2#2. ↩

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