If you are buying or selling real movable or immovable property, engaging in other settlement agreements and want guarantees for disposition of property and settlement, use escrow service in DnB NORD Bank.
The service is provided for natural and legal persons.
What is an Escrow service?
It is a service which guarantees safe settlement, when funds trusted to bank by buyer are transferred to seller in cases and terms stated in Escrow agreement.
Advantages of Escrow service:
- The seller is ensured that the bank will keep the buyer‘s funds, transferred to escrow account;
- The buyer is ensured that funds will be transferred to the seller‘s account only when the seller will fulfil agreed obligations. Otherwise, the funds are transferred back to the buyer.
How Escrow service is executed?
- A three-party (can be multi-party as well) agreement is set
between buyer, seller and bank. There a term during which
the buyer undertakes to transferfunds to escrow account is
stated and mandatory to provide to the bank documents
confirming the seller‘s fulfilment of agreed obligations are
outlined. - The bank opens an escrow account to which the buyer
transfers funds over a term stated in the agreement. - The seller provides to the bank documents outlined in
the agreement which confirm fulfilment of agreed obligations.
If such documents are not provided over the stated term
or if the provided documents do not coincide with conditions
in the agreement, the bank transfers the funds kept in escrow
account back to the buyer. - Bank transfers the funds to account specified by the buyer.
| Title of service | Tariff |
| Escrow service | Not less than 0.15 per cent from the amount, at least 300 Lt |