For providing a set purchase and sales transaction
- For transactions of any sums
- Safety for buyers and sellers
- Transaction confidentiality
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
- With the participation of a bank employee, the buyer and seller mutually agree on the documents necessary for carrying out the transaction and the order of their submission to the bank.
- A tripartite contract is concluded between the bank, buyer(s), and seller(s) about opening an escrow account in accordance with the agreement, setting a period of validity for the contract.
- Following arrangement of the escrow account contract, the bank opens a special transaction account in which the buyer transfers the monetary assets necessary for execution of the transaction.
- Any information about the customer’s cooperation with the bank is confidential; by the seller’s special request, the bank retains the rights to provide the seller with information about whether the money has been transferred into the escrow account.
Execution of transaction
- When the necessary documents specified in the escrow account contract are drawn up, the seller submits them to the bank.
- The bank checks if the submitted documents conform to the contract requirements.
- If the documents conform to the contract requirements, the bank hands the original documents to the buyer.
- When the buyer signs to confirm receipt of the documents, the bank transfers money from the escrow account to the seller’s current account within two days.
- The escrow account is then closed.
Canceling the transaction
- If the documents specified in the escrow account contract are not submitted in the term set by the bank in the contract, the bank returns the money paid into the escrow account back to the buyer.
- If the buyer or seller withdraws from the transaction, the bank Citadele returns the documents to the seller and the money to the buyer.
- To cancel a transaction, the buyer and seller must submit a mutual application in written form.
Want to learn more?
Call 67010000 or write firstname.lastname@example.org