Escrow Account

About Escrow Account

Baltikums Banka offers Escrow Accounts to the customers who require extra safety when executing buying-selling transactions.

The key purpose of the Escrow Account is to ensure financial safety of both the buyer and the seller when executing buying-selling transactions.

Baltikums Banka ensures individual approach to each customer. Bank experts will help to find an ultimately safe, convenient, and beneficial solution in order to prevent transaction-related risks.

The seller may rest assured that he would receive the funds due to him, and the buyer – that he would receive the transaction agreement subject. Payment for the purchased assets is made after the documents listed in the escrow account agreement have been submitted to the Bank.

The Escrow Account is particularly useful when transaction partners want to make sure that their mutual liabilities would be executed on time and in full.

Transaction Subject

Various assets may represent the subject of transactions performed with mediation of Baltikums Banka:

• Real estate;
• Cars;
• Yachts;
• Airplanes;
• Companies;
• Shares in companies;
• Goods;
• Equipment;
• Other assets.

Requirements:

The buyer and seller should open current accounts with Baltikums Banka.

All three parties – Baltikums Banka, buyer, and seller – should enter a trilateral agreement.

Transaction Pattern

The buyer, the seller, and the Bank enter a trilateral agreement that determines all conditions and documents required to execute the transaction, as well as establishes the procedure for payments, receiving funds, transferring rights and the purchased asset, etc.

The Bank opens an Escrow Account upon application of any of the parties.

The buyer credits the Escrow Account with the amount required to execute the transaction.

Upon agreement, the party/parties prepare the documents necessary to sell the asset and submit them to the Bank.

The seller submits all documents related to the transaction to the Bank.

The Bank verifies the obtained documents and if they meet the contractual provisions, the Bank notifies the buyer that the necessary documents have been received from the seller and verified and transfers the required funds from the Escrow Account to the seller’s account.