Pursuant to the draft legislation which is to change the regulations on notaryship and the Act on Bank Guarantee Fund, notaries will be obliged to accept monetary deposits if a notarial act is to include payment of price, remuneration or other receivables. The deposited money will be paid into a special escrow account kept by a notary. The notary will be obliged to release the money under conditions as specified by the parties to the act within no more than 3 days from signing of the notarial deed related to a given act. Pursuant to the draft, a notary will not be liable for any damage relating to the deposit if the damage has been caused due to reasons attributable to a bank. The proposed changes are to increase safety of transactions, mostly on the real estate market.

The draft legislation has been approved by the Senate and now is debated by the Sejm.

Contact person: Mirosław Stefanik, ms@pnplaw.pl