New secure system introduced for sales transactions

A new regulation project is being developed to further regulate the processes of buying and selling real estate and certain vehicles. This was reported by Zamin.uz.

This project envisions the introduction of an electronic data exchange mechanism between notaries and banks. The main goal is to ensure the transparency of transactions and enhance the security of funds.

According to the project, after the sales contract is concluded, the buyer or their representative applies to the bank to open an escrow account. Payments under the contract are deposited precisely into this account.

The interesting aspect is that a separate escrow account is opened for each contract. This allows for individual monitoring of each transaction.

Before confirming the contract, the notary sends a request to the bank through an automated system. The bank checks in real time the availability of funds in the escrow account.

If there are insufficient funds in the account or the account is closed, the notary refuses to confirm the contract. This process prevents unclear situations such as "payment will come later."

After the contract is confirmed, the notary notifies the bank. The bank then automatically transfers the funds from the escrow account to the seller’s account.

If the contract is not confirmed, the funds are returned to the buyer. That is, if the transaction does not take place, the money does not remain "in limbo."

Compliance with the regulation requirements is monitored by the Ministry of Justice and the Central Bank. This ensures the system functions in practice and the rules do not remain only on paper.

In summary, the new procedure practically ensures trust in transactions. The money is first kept in the escrow account, checked in real time, and only then is the contract confirmed.

This makes the buying and selling processes safe and transparent. Source: zamin.uz