About fiduciary account (MRP)

Are you planning a property development project and the sale of residential units or single-family houses? According to the Developer Act, before the formal start of the sale, you are obliged to open a fiduciary account (MRP), where you will collect payments from property buyers.

Choose an option that is more favourable for your project:

  • Closed fiduciary account – you receive the money after the completion of the project, when you present agreements on the transfer of ownership of the property to individual buyers.
  • Open fiduciary account – you receive the money during the implementation of the project, after confirming the completion of the subsequent stages according to the schedule. The last tranche is paid-out on the basis of real estate ownership transfer agreements to individual buyers.

How fiduciary account works

  1. Setting-up a fiduciary account

    You conclude an MRP agreement with us, in which you indicate the bank account to be debited with contributions to the Developers Guarantee Fund (DFG).

  2. Payment from the buyer

    The buyer deposits the money into his individual fiduciary account according to the schedule. The payment is booked in the banking system.

  3. Calculation of the contribution

    The banking system automatically calculates the amount of the DFG contribution on each payment, according to the applicable rate.

  4. Collection of the contribution

    We collect the contribution from the account indicated in the MRP agreement. This can be one account for all projects or a separate account for each of them. Make sure you have the funds – you have 7 days from the buyer’s deposit to do so.

  5. Transfer of the contribution to the DFG

    We transfer the collected contribution to the Developers Guarantee Fund.

  6. Withdrawing funds

    The money is credited to your account in stages – after the completion and confirmation of the subsequent stages of construction. In the case of a closed fiduciary account – only after the transfer of ownership to the buyer.

Online banking system – Millenet

In Millenet for Corporate, you have constant access to your account and access to reports. You can monitor cash flows and DFG contributions on an ongoing basis.