Escrow Account
About the escrow account
How does an escrow account work?
Useful to know
About escrow Account
An Escrow Account is a special account where the buyer’s funds are held until the transaction is completed. Once the transaction is confirmed, the bank automatically transfers the funds to the seller.
This mechanism helps organize settlements between the parties and ensures that all agreed conditions are fulfilled. An Escrow Account can be used by individuals and legal entities when purchasing real estate and vehicles.
Why has an Escrow Account become mandatory?
Starting from April 1, 2026, settlements for the purchase of real estate and vehicles in Uzbekistan must be carried out only in non-cash form through an Escrow Account. This requirement is established by a Presidential Decree and applies to:
- residential and non-residential real estate
- vehicles up to 10 years old (categories M, N, O, G)
special-purpose vehicles
If you are purchasing a property or a vehicle, opening an Escrow Account is now mandatory. You can open one free of charge at Ipak Yuli Bank with just a passport or ID card.
It's important to know before making a deal
Specify the actual amount in the contract. If the amount specified in the contract is lower than the actual value, you will only be able to return the amount specified in the documents when terminating the transaction. The bank transfers only the amount held in the Escrow Account — no more.
Cash is also accepted. You can deposit money into the escrow account either in cash or non-cash - depending on your convenience.
Your funds are secure. The money will not reach the seller until the notary confirms the transaction. If something goes wrong, the funds will be returned to you in full.
Frequently asked questions
An Escrow Account is a special account where the buyer’s funds are held until the transaction is completed. Once the transaction is confirmed, the bank transfers the funds to the seller.
Yes. Starting from April 1, 2026, settlements for the purchase of real estate and vehicles up to 10 years old must be carried out only through an Escrow Account. This requirement is established by a Presidential Decree of the Republic of Uzbekistan.
For settlements related to the purchase of real estate and vehicles.
A passport or ID card. The application form is completed at a bank branch.
The Escrow Account is opened by the buyer.
Once the transaction is confirmed by a notary, the bank automatically transfers the funds to the seller.
The funds are returned to the buyer in accordance with the terms of the transaction.
No, opening and closing an Escrow Account is free of charge.
Yes, cash withdrawals are subject to the bank’s applicable tariffs.