Using an escrow account in the Developer Act

The article presents issues concerning the maintenance of a housing escrow account in real estate development. The Developer Act obliges developers to open a housing escrow account with a bank and regulates the related rights and obligations. The paper discusses the bank's tasks to control the correct maintenance of an escrow account, in particular in the field of withdrawals of funds from the account by the developer, as well as to provide information to buyers and recording payments and withdrawals.

Keywords: developer, developer act, housing escrow account, developer agreement, bank.