Escrow Account

This is a service for private entities designed to assist with sale/purchase transactions (real estate, cars, and any other property) reducing the risk between the parties to the minimum.

The Buyer, the Seller and the Bank sign a tripartite agreement in which they mutually agree on the necessary documents and terms and conditions, as well as the procedure for the submission of such documents prerequisite for the deal to be carried out.

Transaction scenario:

• The Bank opens an Escrow Account for the Buyer to credit the agreed purchase amount;
• The Seller draws up the required documents and submits them to the Bank,
• The Bank informs the Buyer that the Seller has submitted the documents,
• If the documents meet the requirements of the agreement, the Buyer accepts them and the Bank executes the transaction - the Seller receives the money, and the Buyer - the original documents.

Advantages:

• Security guarantees for the sale/purchase transaction

To open an Escrow Account:

• Both the Buyer and the Seller have to open current accounts with Swedbank;
• The Buyer has to open an Escrow Account;
• All three Parties - the Bank, the Buyer and the Seller have to sign a tripartite agreement;
• Upon opening the account and signing the agreement all parties have to present their ID documents: passports or driving licenses (for residents).