Escrow Account

An escrow account guarantees our customers additional security of purchase and sale transactions. In this case the buyer, seller and the bank sign a three-party agreement which specifies the terms of transaction. The bank serves to guarantee that the buyer and seller will both fulfill their responsibilities.

The buyer can be sure that his money will be transferred to the seller only after the certain agreement conditions will be executed. And the seller, in his turn, will have no doubts that after executing the conditions of the escrow account agrrement, the bank will transfer the entire agreed-upon sum to the seller.

The escrow account works in the following way:

• the bank opens the escrow account by the application of one of the parties of the transaction;
• the buyer deposits the sum of transaction;
• the seller registers the requested documents and presents confirming documents to the bank;
• the bank reviews the documents and transfers the entire amount from the escrow account to the seller’s account.