Residential Custody Account is meant for accumulating money from buyers of flats or houses. It is kept on the basis of par. 59 of Banking Law and the Act on Protection of Rights of a Buyer of a Flat or Single-family House of 16 September 2011.
Funds on the residential custody account shall be disbursed when specific requirements defined in the account agreement are met. In case of a closed residential custody account disbursements are made as the Bank is presented subsequent agreements on transfer of ownership of flats or houses to individual buyers, while in case of an open residential custody account it is done after confirmation by an appraiser indicated by the Bank of completion of subsequent project stages as per the property development project schedule.
Benefits:
- Financial settlement of the construction in keeping with valid legal requirements.
- Efficient verification of fulfilment of disbursement requirements and fast disbursement of the funds.
- Automatic recording of deposits and withdrawals of the buyers' money by Automatic Identification of Incoming Payments (AIPP).
- Support of ongoing monitoring of settlement of the development project.
