The Department of Construction and Architecture of the Novosibirsk City Hall has developed a memo for developers and potential
buyers of apartments in houses under construction.
The purpose of the document is the prevention of offenses in the field of shared construction. The memo was created specifically so that investors understand how work with objects will be built, the construction permit for which was obtained by developers under the new rules.
On July 1, the law came into force, according to which
buying an apartment in a house under construction will follow the new rules. Developers will receive money from buyers through banks only when the object is commissioned. A separate account will be set up for each shareholder. Opening of accounts is impossible without the participation of the bank and in fact DDU will become a tripartite agreement.
Escrow account is a bank account intended for keeping citizens' funds for the period of construction of the facility. Money from the account is transferred to the developer only after he fulfills his obligations to the equity holder. The use of escrow accounts is regulated by Art. 860.7 of the Civil Code of the Russian Federation.
The developer has the right to attract funds from participants in shared construction for the creation of apartment buildings only after:
- obtaining a building permit in the prescribed manner;
- publication, placement and (or) submission project declaration;
- state registration by the developer of ownership of the land,
