ESCROW Service for legal entities

Safety and efficiency

ESCROW account is a special bank account, which is managed by Mobiasbanca intended for storage / keeping / freezing of funds (ESCROW amount) for payment of goods or services and the release of the ESCROW amount, only according to the provisions of ESCROW Agreement.
 
ESCROW agreement is a tripartite contract between the Bank, the Payer and the Beneficiary by stipulating conditions of the ESCROW Amount use.
 
The Bank has the right to manage the ESCROW account only, in strict accordance with the terms and conditions of the ESCROW Agreement.
 
Using this option increase the safety level for both the Payer and the Beneficiary. As the Bank acts as a mandatory intermediary, the data of both bidders in the sale-purchase process will be the subject to additional verification.
 
For the Payer, this means that the money will be really spent only at the moment of receipt of the good, and for the Beneficiary - assurance that the amount will be certainty transferred when the conditions of the contract are fulfilled.
 
The Escrow amount will not be affected if any impediments related to the transaction occurs. The Escrow amount will be returned to the Merit Owner. Due of the fact that the payment is made by transfer, you get extra assurance (the money will reach the destination, you avoid the risks of forgery banknotes, the amount goes directly into the account, without  performing additional actions or to avoid losing time for a personal meeting).
 
Example:
 
The Beneficiary wants to sell and Buyer wants to purchase a property (apartment, house, etc.).
In this case Mobiasbanca, on customer request, manages special ESCROW account and signs the ESCROW Agreement where are indicated all the afferent to the transaction, conditions.
 
On this special ESCROW account, the Buyer deposits the amount of money, negotiated by Buyers and Beneficiary also indicated in the ESCROW Agreement, which constitutes the price of real estate.
Once the deposit money was transferred on this account, Mobiasbanca blocks the amount and it is released under the following conditions only:
 
  • To the Beneficiary  – if is submitted the confirmatory document that the real estate was registered by the  Public Services Agency on behalf of the Buyer and the ownership right of the real estate is on behalf of Buyer.
  • To the Buyer – if the transaction was not finished for some reasons.
Advantages:
 
  • The Beneficary is guaranteed with a cash receipt, within existing available funds in the ESCROW account and in case of fulfilling of the stipulated conditions in the ESCROW agreement.
  • The buyer is guaranteed with the recovery of all available amount from the ESCROW account if the transaction is not finished for some reasons.
  • You get the professional legal assistance by signing the ESCROW and/or commercial agreements.
  • You have the guarantee of using amount strictly in accordance with the set destination.
  • You reduce to zero the risk of receiving forgery banknotes, payment being made by transfer from the ESCROW account into the Seller’s current account. 
Please contact your customer adviser for more information or you can call the Call Center service at 022 256-456, available 24/7.
 

Useful documents:

Application for Escrow