The Legislative Chamber has passed the Shared Construction Law bill, under which money paid by buyers for homes under construction would be held in bank escrow accounts, and sent it to the Senate, the chamber said.
MPs approved the bill in its second and third readings today, Nov. 10.
Under the bill, funds contributed to shared construction projects would not be placed at the builder’s disposal but held in escrow accounts at banks. They would be released to the builder only after the project is commissioned.
Developers could raise money from the public only if they meet the bill’s requirements, are registered in the Unified Information System, have signed a master agreement with an authorized bank and have published a project declaration.
Shared participation agreements, and any amendments to them, would have to be notarized, and the agreements registered with the state. This would prevent cases such as the same property being sold twice, unlawful contracts and informal “side agreements” that alter contract terms.
A participant would be entitled to demand the return of money that a builder raised in breach of the law, with interest.
The bill also provides for replacing the authorized bank or the builder where necessary, along with financial mechanisms to ensure uninterrupted financing. According to MPs, this would prevent construction from stalling and protect participants’ interests.
Since the first reading, the bill has been amended so that no extra six-month wait is needed to declare a project problematic when a handover deadline is missed. Builders would also be barred from leaving the register of problematic projects by paying compensation alone without fixing defects.
“Passing the bill will help protect citizens’ housing construction funds through reliable legal and financial mechanisms, create a modern, efficient and transparent system, and prevent funds being raised in ways not set out in law,” the Legislative Chamber said in a statement.
MPs passed the bill in its first reading on July 28, 2026.
Under a presidential decree dated Jan. 27, 2025, escrow accounts for shared construction projects were to be implemented on a voluntary basis from July 1, 2025, and made mandatory from Jan. 1, 2026.
