The Ministry of Justice of Uzbekistan registered a regulation on March 16 that establishes an electronic data exchange procedure between notaries and banks for conducting settlements on contracts for the sale and purchase of real estate and vehicles. This regulation comes into force on April 1 and does not apply to sale and purchase contracts formalized based on investment agreements in housing construction.
According to the document, settlements for such transactions are carried out through escrow accounts. The buyer or their representative must open an account at a bank and deposit the agreed amount in cash or non-cash form. If a payment delay is envisaged, an agreed initial payment is made. Funds are transferred to the seller only after the contract is certified by a notary.
Per the regulation, notaries are required to check the availability of funds in the escrow account through an automated system before certifying the contract. If there are no funds in the account or it is closed, the notary has the right to refuse certification. After the contract is certified, the notary sends an electronic notification to the bank. Based on this, funds are automatically transferred to the seller on the same day. If information is received after the end of the business day, the transfer is made on the next business day.
The document also provides for the possibility of opening and managing escrow accounts through banks' mobile applications, as well as using clients' existing accounts (card accounts, demand accounts, or e-wallets). If the transaction is financed with credit funds, the lending bank notifies the notary. After the contract is certified, funds are transferred to the seller. In necessary cases, funds can be issued in cash at the recipient's request.
The Ministry of Justice and the Central Bank will conduct constant monitoring of the implementation of this regulation's requirements. In case of violation of established norms, liability is envisaged in accordance with legislation. The regulation also approves a list of data provided by banks to the "Notary" system: including the surname, name, and patronymic of the parties, details of identity documents, PINFL (or name and TIN for legal entities), information on the object and contract amount.
In turn, notaries send information about the contract to banks' electronic systems. This includes the contract's registry number, registration date and time, and a mark on whether the deal was concluded or not. If funds are transferred to multiple sellers or their representatives, information is sent for each seller or their representatives.
It is recalled that by presidential decree, from April 1, 2026, transactions involving real estate and vehicles will be conducted only through bank cards or electronic payment systems. Payments for goods and services worth over 25 million soums, gasoline purchases, and others will also be shifted to non-cash form.
Source: www.gazeta.uz