Advantages for You
- Case-by-case conditions of account maintenance apply, based on the specific aspects of the transaction and the client’s requirements
- A safe instrument for settling real-estate transactions
- Serves as an alternative to notarial escrow, and on top of that it bears interest
You can find complete information about the price of our Escrow Account in our List of Fees
The Escrow Account serves to ensure the due settlement of financial transactions in the sale or purchase of real estate. There are several parties to the agreement on the opening of a Escrow Account: usually the buyer, the seller, and the bank as the intermediary. The Escrow account guarantees the buyer that the funds deposited in it will only be paid out to the seller upon the fulfilment of all of the conditions on which the parties agreed in the Escrow Account Agreement.
The buyer deposits money in the Escrow Account with Sberbank CZ, which then ensures that the money is paid out or returned in line with the conditions set in the Escrow Account Agreement. That means that if the conditions are met, it will transfer money to the seller, and if they are not met, it will return the money to the buyer.
Features of the Escrow Account:
- The account is designed for legal entities and individuals engaged in business
- The account is solely for effecting a single transaction, upon the settlement of which the account is closed
- The settlement of the transaction may be gradual or in a lump sum at the end of the transaction
- The transaction is always settled precisely in line with the conditions and deadlines stipulated in the agreement
- The transaction may be cancelled if conditions are not fulfilled
- The account bears a standard interest rate for current accounts
- It can serve as an alternative to a notarial escrow account