Open AccessNotaries' Escrow Services in Selling Real Estate in the Republic of Slovenia
Author(s) -
Bojan Podgoršek
Publication year - 2020
Publication title -
lexonomica
Language(s) - English
Resource type - Journals
eISSN - 1855-7147
pISSN - 1855-7155
DOI - 10.18690/lexonomica.12.1.75-106.2020
Subject(s) - escrow , business , database transaction , key escrow , order (exchange) , statutory law , legislation , law , computer security , political science , finance , computer science , encryption , public key cryptography , programming language
Notary's escrow is a legal relationship between the notary and the parties to the underlying legal transaction, which is generally a sales agreement. Notary’s escrow is regulated with mandatory statutory rules commissioning public notaries and the rules of the mandate agreement. Mutual obligations of the parties to the underlying legal transaction in and of themselves do not influence the notary's obligations under a notary's escrow agreement unless they are included in the notary's escrow agreement as a constituent part thereof. Slovenian legislation stipulates the general conditions of notaries' operations. However, it does not stipulate specific conditions that must be fulfilled in order to place documents, funds and securities into escrow with a notary, nor does it stipulate the mandatory component elements of the escrow order. Therefore, The Slovenian regulation of notary's escrow should be supplemented.