Escrow account
This service ensures convenient settlements and is handy in large deals, i.e. buying or selling valuable assets (company shares, real estate, movable property, claims, securities etc.). Both parties – the buyer and the seller – can benefit from escrow.
Advantages
- Security guarantee for the buyer and seller
- Both parties can decide to withdraw the money deposited in the Escrow account
- Bank transfers money only after receiving documentation confirming the completionof the deal
| Service | Fee |
|---|---|
| Servicing commission | 0,5%, min 150.00 EUR |
| Fee for service in non-standard cases | By agreement |
| Re-entering the agreement or changing the terms of agreement | By agreement, min 35.00 EUR |
| Verification of documents for non-residents legal entities (taxpayers) established in the EEA1 | 100.00 EUR |
| Verification of documents for non-residents legal entities (taxpayers) established outside the EEA, as well as for companies (taxpayers) established in Malta, the UK, Cyprus and Luxembourg1 | 400.00 EUR |
1 The fee applies if the Customer does not have a current account in SEB bank.
Title
How does it work?
Description
Escrow account is designed for concluding a particular business deal. By opening Escrow account, a special three party agreement is signed: buyer, seller and SEB bank. Buyer will disburse only when the mentioned business documents will be submitted to SEB bank.
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Agree on the deal with a buyer/seller and gather all documents about the object or the deal, e.g., documents confirming the deal, for instance Property registration document or vehicle registration documents. These documents will serve as precondition for transferring money to the seller.
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Agree on who will pay commission to the bank and to what extent.
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Apply for Escrow account.
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Sign a special three party agreement, which describes the transaction’s nature, amount, payment conditions, deadlines.
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Buyer transfers the agreed amount of the deal to the Escrow account.
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Seller arranges and submits all necessary documents to the bank.
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If these documents are in accordance with the agreement terms, the bank makes a payment to the seller and hands the property documents over to the buyer.
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