The service allows the bank to be involved as a reliable partner to protect the interests of all parties involved in the sale and purchase transaction.
Industra Bank offers the opportunity for the bank's customers to enter into tripartite agreements, which provide for secure settlements between the parties in transactions for the purchase or sale of real estate or another valuable asset.
How does it work:
- The buyer, the seller and the bank enter into a tripartite agreement, which stipulates the essential conditions for paying the amount of the transaction agreement to the seller.
- The buyer pays the amount specified in the agreement into the escrow account, where it will be kept, until the bank receives documents confirming that the transaction has taken place and ownership has passed to the buyer.
- The buyer and the seller take the necessary steps to implement the purchase and sale transaction and transfer the ownership to the buyer.
- The seller and / or buyer submit to the bank documents confirming that the transaction has taken place and the buyer has acquired ownership of the subject of the contract.
- The bank checks the submitted documents and makes the payment to the seller.
- The buyer or seller pays the fee specified in the price list for the execution of the contract.
Advantages of an escrow account:
- The transaction is safe for all parties involved - the bank acts as a reliable partner to protect the interests of all parties involved in the transaction.
- The funds are kept in the bank until the transaction is completed.
- Neither party to the transaction may unilaterally withdraw the amount deposited in the escrow account until the conditions of the escrow account agreement have been met.
- In case of cancellation of the purchase agreement, the funds in the escrow account are refunded to the buyer.
- Industra Bank informs all parties to the transaction about the progress of the transaction.
Do you want to involve Industra Bank in your planned transaction?
- Contact any Industra Bank customer service center or get in touch with your contact person at the bank.
To learn more about the INDUSTRA escrow account: