Escrow account

For ensuring a specific buying and selling transaction

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  • For transactions of any amount
  • Secure for both the buyer and seller
  • Transaction confidentiality

Safety guarantee

For buyers and sellers

  • For buyers - the bank will transfer money to the seller for a product or property that the buyer truly wants to purchase,
  • For sellers - the seller will receive money for the sold product or property.

Opening an escrow account

  • The buyer and seller, with the involvement of a bank employee, mutually agree on the documents necessary for executing the transaction and the procedure for handing them in to the bank
  • In accordance with this agreement a three-way contract is signed between the bank, buyer(s) and seller(s) for the opening of an escrow account, indicating a specific expiration date for the contract
  • After signing the escrow account contract the bank opens a special escrow account where the buyer can pay in the funds necessary for completing the transaction
  • All information about the client’s cooperation with the bank is confidential, but at the request of the seller the bank has the right to give information about whether money has been paid into the escrow account

Completing the transaction

  • When the necessary documents set out in the escrow account contract have been formed, the seller hands them into the bank
  • The bank check whether the documents conform to the contract requirements
  • If the documents conform to the contract requirements, the bank gives the originals of the documents to the buyer
  • When the buyer signs a confirmation of receiving the documents, the bank transfers the money from the escrow account to the seller’s current account within two days
  • The escrow account is closed

Suspension of the transaction

  • If the documents named in the escrow account contract are not handed in to the bank within the timeframe specified in the contract, the money paid into the escrow account is returned to the buyer
  • If the buyer or seller declines the transaction, Citadele returns the documents to the seller and the money to the buyer
  • To decline the transaction, the buyer and seller must hand in a joint written application

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