Conditions for the purchase and sale of real estate and vehicles through an escrow account

 

In accordance with the Decree of the President of the Republic of Uzbekistan No. UP -246 dated December 10, 2025 “ On additional measures aimed at popularizing non-cash payments and reducing the share of the shadow economy”, a new procedure for the purchase and sale of real estate and vehicles of category M (passenger transportation) , N (freight transport), O (trailers) and G (SUVs) and special vehicles whose production period does not exceed ten years was established from April 1, 2026.

Settlements for real estate and vehicle sales contracts are carried out in accordance with the Resolution of the Ministry of Justice dated March 16, 2026, "On the procedure for electronic data exchange between notaries and banks during settlements for real estate and vehicle sales contracts," according to the following scheme:

Stages Topics Events Deadlines Stage 1 The buyer or his representative Contact the bank in written or electronic form As desired Stage 2 Bank 1. Opens an escrow account based on an escrow account agreement As of the date of the escrow account agreement 2. The amount agreed upon by the parties. Funds are deposited into the account When the corresponding funds are received into the account Stage 3 Buyer and seller or their representative Applies to a notary to draw up a purchase and sale agreement. Provides the relevant documents to the notary As desired Stage 4 Notary Sends an electronic request to the relevant bank regarding the availability of funds in the escrow account Before confirming the contract Receives necessary information In real time The notary provides the bank with information through an automated information system regarding the approval of the purchase and sale agreement In real time Stage 5 Bank Transfers funds from the escrow account to the seller's or his representative's account and, upon request, provides the funds deposited into his account in cash. On the bank's working day when the bank receives information about the agreement's approval (if the information is received after the end of the working day, then on the next working day).

This new procedure does not apply to purchase and sale agreements concluded on the basis of investment contracts for housing construction.

If payment obligations are deferred, the buyer or their representative deposits the agreed-upon (initial) funds into the corresponding escrow account.

When the sale and purchase agreement is fully or partially financed through credit funds, the bank that issued the loan shall provide the notary with electronic information, and the credit funds shall be transferred to the seller's or their representative's account after receiving electronic information confirming the agreement's approval.

For escrow account related services, the buyer must:

• 50% of the BRV for real estate

• A service fee of 25% of the BRV is charged for servicing vehicles

If the purchase and sale agreement is not approved and the information is not transferred to the bank's electronic systems by notaries, the funds in the relevant escrow account will be returned upon request of the buyer or his representative, and no service fee will be charged.