Escrow account
The rights to the funds belong to the Depositor (buyer) and are transferred by the Bank to the Beneficiary (seller) only if the conditions stipulated by the Escrow Account Agreement are met.
- Funds in the account are immune from penalties, seizures, etc.
- Refund of funds to the Depositor (buyer) in case of failure to comply with the terms of the agreement
- Independent control of the Bank for compliance of documents provided by the Beneficiary in accordance with the terms of the Escrow Account Agreement
- Your funds are under the control of the Bank until the terms of the transaction are met
Transaction parameters that can be fixed in the contract
- Amount of deposited funds
- List of documents, procedure for execution and deadline for their submission, which serve as the basis for the transfer of funds to the Beneficiary
- Deadline for transfer of the amount by the Depositor
- Deadline for the Bank to transfer the amount to the Beneficiary
Actions of the Bank
- The Bank monitors the compliance of the documents provided by the Beneficiary in accordance with the Escrow Account Agreement.
- Upon fulfillment of the terms of the transaction and provision of all necessary documents to the Bank, the Bank independently transfers funds to the Beneficiary.
- The Bank independently closes the escrow account after transferring funds to the Beneficiary (seller).
Applications
- Purchase or sale of real estate, incl.
- Purchase or sale of goods, works, services and rights to the results of intellectual activity.
- Acquisition or sale of shares, participation interests.
Arrests, account suspensions, write-offs based on writs of execution
Not allowed