Escrow account: Security in real estate transactions

​

Would you like to understand what an escrow account is and what its benefits are? Who opens it and what should they know before doing so? What is the difference between an escrow account at a bank and a notary trust account? Our article presents key aspects and tips. If you have questions or need help, please do not hesitate to contact us. We will always be happy to help you.

What is an escrow account?

More and more banks offer escrow accounts in real estate transactions, building trust and security for buyers and sellers. It is a special type of account where an independent third party holds the sum until the conditions of the transaction are met. Obligations are agreed upon in advance in a specified contract.

What protection does the escrow account offer?

The transfer of ownership goes through certain steps, and the escrow account protects both the buyer and the seller. The sum is blocked until all conditions are met, guaranteeing the correctness of the transaction.

Opening a fiduciary deposit/escrow account in a "green" purchase and sale

This type of account provides security of funds and can be especially useful in transactions with properties under construction. It offers flexible conditions and security for investors.

How do I open a trust/escrow account?

An escrow account can be opened at a bank or in the name of a notary. This is an innovative and safe approach for all those who value security and transparency in real estate transactions.

Please feel free to contact us for additional information and assistance.