Amendments increase protection of interests of citizens upon purchase and sale of housing. What will change with the introduction of the law in force and as it will affect real estate prices? Photo: Artem Geodakyan / TASS the State Duma approved the bill which increases protection of interests of citizens upon purchase and sale of housing in the second reading, RIA Novosti reports. According to an initiative, unfinished constructions in regions will be completed at the expense of special funds — non-profit organizations. Besides, requirements are also distributed to builders of apartments: attraction of financial resources of citizens only under the contract of individual share, implementation of new projects only with escrow accounts. The third reading of the bill is appointed to June 19. Escrow accounts are a conditional account of the investor which will be able to receive means with the builder only after delivery of the building. At the same time the developer will have to conduct construction or on own means, or on loan from bank. Transition to project financing will happen to use of escrow accounts on July 1. Told about the most important points of a package of laws the observer of Business FM, the head of advisory council of the "Daydzhest Rossiyskoy I Zarubezhnoy Nedvizhimosti" magazine Valeria Mozganova. Valeria Mozganova the observer of Business FM, the head of advisory council of the "Daydzhest Rossiyskoy I Zarubezhnoy Nedvizhimosti" magazine "First, is established the ban on use of any mediated schemes of attraction of financial resources of citizens except escrow accounts. Thus, it is possible to sell housing only on escrow accounts now. It concerns not only apartment houses, but also apartments. Perhaps, this most contentious clause of the new document as the legal status of apartments still is up to the end not defined. Nedozhilye, "nedokommertion" with the unclear rights and duties will be sold only on escrow accounts now. Such rule instantly raises a question: if, suppose, I get apartments especially for commercial use whether I have to get them on escrow accounts? One more situation — the right of the requirement: in case shareholders are victims, their right of the requirement can be turned not only on premises, but also equally on parking places and storerooms. The third important point: to regions the right to create own funds of protection of shareholders in the form of non-profit organizations is granted. These funds will be engaged in completion and the solution of various problems of injured shareholders. Such organizations from federal and regional budgets and also will receive money from a number of third-party investors. Let's look as far as regions will exercise the right". An opportunity to raise funds under contracts of individual share instead of transition to escrow accounts remains for those objects which are ready at least for a third and were sold out more than for 10%. As the Minister of Construction and Housing and Communal Services Vladimir Yakushev said earlier, the companies which degree of readiness of objects falls short of a minimum will be given three more months, till October 1 to satisfy all conditions,
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