Escrow account
The rights for monetary funds belong to the Depositor (Buyer) and are transferred by the Bank to the Beneficiary (Seller) only in case of fulfillment of conditions provided for by the Escrow Agreement.
- Funds in the account protected by immunity from charge, arrest, etc.
- Refund to the Depositor (Buyer) if the terms and conditions of the contract are not fulfilled
- Independent control of the Bank over compliance of the documents provided by the Beneficiary with the terms and conditions of the Escrow Agreement
- Your funds are controlled by the Bank until the terms of the transaction are fulfilled
The rights for monetary funds belong to the Depositor (Buyer) and are transferred by the Bank to the Beneficiary (Seller) only in case of fulfillment of conditions provided for by the Escrow Agreement.
Parameters of the transaction, which can be fixed in the contract
- Amount of deposited funds
- The list of documents, procedure of execution and term of their submission, which serve as a basis for the transfer of funds to the Beneficiary
- Term of transfer of the amount by the Depositor
- Term of transfer by the Bank of the amount to the Beneficiary
Bank's actions
- The Bank shall control the conformity of the documents provided by the Beneficiary according to the Escrow Agreement.
- Upon fulfillment of the terms of the transaction and submission to the Bank of all necessary documents, the Bank shall transfer funds to the Beneficiary independently.
- Closing of the escrow account shall be performed by the Bank independently after transfer of funds to the Beneficiary (Seller). Submission of additional documents to the Bank is not required.
Fields of application
- Purchase or sales of real estate items, including land plots.
- Purchase or sale of goods, works, services and rights to the results of intellectual activity.
- Acquisition or sale of shares, interests.
Arrests, suspensions on account, write-offs on writs
Not allowed.