GeneralCorporate BankingMoney servicesEscrow account

Escrow Account

Escrow Account is a service that provides financial security to buyer and seller in purchase and sale transactions.


In order to reduce the risk for the partners involved in the purchase and sale transaction, Meridian Trade Bank offers to open an Escrow Account with the Bank and to conclude a trilateral agreement between the buyer, the seller and the Bank, specifying the terms and conditions of the obligations.

 

The Benefits of Escrow Account:

 

  • Security guarantee for both buyer and seller, because the Bank pays money only when the transaction is actually executed and the property documents are completed.
  • Seller or buyer cannot individually withdraw the amount deposited to the Escrow Account during the contract period.
  • If the transaction has not been executed during the contract period, then the money is returned to the buyer after the expiration of the contract term.
  • The amount of the transaction is not limited.
  • It is possible to transfer both non-cash and cash in euros or in convertible foreign currencies to the Escrow Account.
  • To purchase goods or property, the buyer can obtain a bank loan. Private customers. Corporate Banking.

 

Opening of Escrow Account

 

The Escrow Account can be opened both by private customers and legal entities, who need to make a purchase and sale transaction.

 

The Escrow Account can be opened at the Head office of Meridian Trade Bank, Elizabetes Street 57, Riga. To open the Escrow Account one of the involved parties should have or should open a Current Account with Meridian Trade Bank.

 

Steps:

 

  • The buyer, the seller and the Bank sign an Escrow Account opening agreement.
  • The Escrow Account is opened with Meridian Trade Bank, where the buyer deposits the appropriate amount of money for the product / property.
  • The seller completes necessary documents in accordance with the concluded Escrow Account Agreement and submits them to the Bank.
  • If the terms of transaction are met – all Escrow Account Agreement documents are submitted, the transaction is executed – the Bank transfers the money to the seller and provides property documents to the buyer, for example, the Land Register certificate, which confirms the buyer’s ownership rights.

 

Price list

 
Information
AS "Meridian Trade Bank" Head office
57 Elizabetes Str., Riga, Latvia, LV-1050

Ph.: +371 67019393
WhatsApp: +371 27677569 (chat)
Skype: mtb_info (chat)
E-mail: info@mtbank.eu
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