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About fiduciary account
Are you planning a development project and selling residential units or single-family houses? Open a fiduciary account for developers with us. It will help you meet the requirements of the Development Law to provide protection for property buyers. You will receive the funds deposited in the account immediately after meeting the conditions specified in the agreement.
Choose the option that is more beneficial to your investment:
- Closed fiduciary account for developers - you will receive the funds as you present us with agreements to transfer ownership of units or single-family homes to buyers.
- Open fiduciary account for developers - you will receive the funds when a construction expert designated by us confirms that the subsequent stages of the investment have been completed, according to the previously adopted schedule. If your investment is subject to the provisions of the new Development Law, we will pay you the money from the final stage of the investment when you present the agreements for transferring ownership of the units or houses to the individual buyers.
You will settle the investment in accordance with applicable legal requirements.
Buyers' deposits and withdrawals are recorded automatically thanks to the Automatic Identification of Incoming Payments system (AIPP).
We will efficiently verify the fulfillment of disbursement conditions and quickly process the disbursement of funds.
We will automatically settle contributions to the Developer Guarantee Fund (DFG).
We will guarantee you ongoing monitoring of payments and disbursements.
We will provide you with ongoing control of the calculation and payment of DFG contributions.
Before you formally start the sale, you are required to open an escrow account under the new rules set forth in the Law on the Protection of the Rights of the Buyer of an Apartment or Single-Family House and the Developer's Guarantee Fund of 20.05.2021.
What should I do if the buyer has exchanged the apartment or single-family home for another or the price has changed?
Sign a new "Declaration of Trustee" with the buyer on the form we have indicated.
Together with the previous purchaser and the new purchaser, sign the "Statement of Assignment of Rights from the Purchaser's Agreement to the New Trustee" on the form attached to the fiduciary account agreement.