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Escrow account

Escrow account

Ensure your dealings go smoothly

  • Money is transferred to the seller when the bank receives all documentation testifying that the terms of transferring money to the seller which the parties had defined in the agreement have been fulfilled
  • The money transferred to an escrow account can be used only according to the procedure and for the purpose defined in the agreement

This service ensures convenient settlements and is handy in large bargains, i.e. when you buy or sell valuable assets (company shares, real estate, etc.). Both parties to a dealing – the buyer and the seller – can benefit from escrow. If you are interested, send us an enquiry form and we will contact you shortly.

  1. The buyer and seller of the assets and the bank enter into a tripartite escrow account agreement.
  2. An escrow account is opened at the name of the buyer or the seller (depending on how the parties had defined this in the agreement), to which the buyer must transfer the funds for the assets he is buying.
  3. The bank checks whether the documents submitted to the bank are in line with the terms of the concluded agreement.
  4. If the bank has been provided with a complete set of documentation testifying that the terms of the agreement have been fulfilled, the money will be transferred to the seller's account specified in the agreement, and if not, the funds will be repaid from the escrow account to the buyer's account.

You can sign an escrow account at any SEB bank unit. Before you do so, you can give us a call at +370 5 268 2822 or send us an enquiry form, and we will contact you to make an appointment.

Contact

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