Escrow account
This service ensures convenient settlements and is handy in large deals, i.e. buying or selling valuable assets (company shares, real estate, movable property, claims, securities etc.). Both parties – the buyer and the seller – can benefit from escrow.
Advantages
- Security guarantee for the buyer and seller
- Both parties can decide to withdraw the money deposited in the Escrow account
- Bank transfers money only after receiving documentation confirming the completionof the deal
Title
How does it work?
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Agree on the deal with a buyer/seller and gather all documents about the object or the deal, e.g., documents confirming the deal, for instance Property registration document or vehicle registration documents. These documents will serve as precondition for transferring money to the seller.
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Agree on who will pay commission to the bank and to what extent.
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Apply for Escrow account.
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Sign a special three party agreement, which describes the transaction’s nature, amount, payment conditions, deadlines.
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Buyer transfers the agreed amount of the deal to the Escrow account.
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Seller arranges and submits all necessary documents to the bank.
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If these documents are in accordance with the agreement terms, the bank makes a payment to the seller and hands the property documents over to the buyer.
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