The Central Bank has announced maximum commission rates for real estate and automobile contract transactions processed through escrow accounts.
According to the Bank, commissions for real estate transactions should not exceed 50% the basic reference value (up to 206,000 soums), and for automobile transactions, 25% the basic reference value (up to 103,000 soums).
If the buyer and seller are served by the same bank, the commission shall be charged once. If the buyer and seller are served by different banks, each has the right to charge no more than half of the rate.
In the event of cancellation or failure to complete the transaction, the funds deposited in the escrow account shall be returned to the buyer.
The Central Bank also clarified that the maximum commission rates apply only to commercial banks in which the government owns a stake. At other banks, fees shall be determined by their internal policies.
Payment procedure for real estate and car purchases in Uzbekistan will change as of April 1. By presidential decree, transactions shall be made in cashless form. Funds will be held in an escrow account and transferred to the seller only after the transaction is notarized.
