Escrow account

For providing a set purchase and sales transaction

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  • For transactions of any sums
  • Safety for buyers and sellers
  • Transaction confidentiality

Safety guarantee

For buyers and sellers

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

Opening an escrow account

  • With the participation of a bank employee buyer and seller mutually agree on the documents necessary for carrying out the transaction and the order of their submission to bank.
  • A tripartite contract is concluded between the bank, buyer(s), and seller(s) about opening an escrow account in accordance with this agreement, setting a period of validity for the contract.
  • After conclusion of escrow account contract, bank opens a special transaction account, where buyer transfers the money assets necessary for execution of transaction.
  • Any information about customer’s cooperation with bank is confidential, but by seller’s special request bank has the rights to provide seller with information whether the money has been transfered in escrow account.

Execution of transaction

  • When the necessary documents set in escrow account contract are drawn up, seller submits them to bank.
  • Bank checks if the submitted documents conform to contract requirements.
  • If documents conform to contract requirements, bank hands the document originals to buyer.
  • When buyer sign for receiving documents, within 2 days bank transfers money from escrow account to seller’s current account.
  • Escrow account is closed.

Canceling the transaction

  • If the documents set in escrow account contract are not submitted in the term set by bank in the contract, bank returns the money paid in escrow account back to buyer.
  • If buyer or seller refuses from the transaction, bank Citadele returns the documents to seller and the money to buyer.
  • To refuse a transaction, buyer and seller have to submit a mutual application in written form.

Want to learn more?

Call 67010000 or e-mail