Escrow account is a bank account which management is limited by the bank subject to certain conditions based on the buyer-seller contract.
Escrow account is a perfect alternative if you sell or buy valuable real estate or movable property or make other settlement transactions, and wish to control your settlements and property transfers. Escrow account can be used in export transactions and orders, construction, renovation, and other projects implemented under contracts (e.g., sales and purchase, services, contracting, etc. agreements involving settlements) or in trade via intermediaries.
Why choose Luminor Escrow account?
Buyer, seller, and the bank conclude an escrow account agreement. The agreement specifies what documents should be submitted by the seller to the bank in order to gain access to the funds in the account after fulfilling terms and conditions established by the buyer.
Buyer deposits funds into the escrow account for the settlement under a sales and purchase or other contract.
The bank stores funds for the term specified in the agreement until the fulfilment of established terms and conditions and ensures the payment of funds to the seller within the established term or returns funds to the buyer in case of unduly implementation of contract terms and conditions.