Reliable Trustee Services
In international trade in particular, it sometimes makes sense and is advisable to process payments in escrow. For the customer, this means that payment is only triggered if the goods are physically available and meet the agreed specifications. The supplier has the advantage that we can confirm the availability of the funds and the payment if the goods are delivered.
The ESCROW ACCOUNT or trust account procedure is used worldwide in various areas of life and business. This procedure is sometimes used when transferring real estate, e.g. in the USA, and is related to the escrow accounts used in Central Europe.
Here, too, a buyer pays the purchase price due after the conclusion of a notarial purchase contract into a notarial escrow account (escrow account). The purchase price remains there until a notice of conveyance has been entered, which prevents a property from being sold more than once. Only then does the notary pay the purchase price from the escrow account to the seller and at the same time submit an application for entry with the ownership note to the responsible land registry at the district court.
This is similar to escrow procedures in international trade in goods: Only after all contractually agreed requirements have been met is the purchase price paid in return for the ownership rights (title of goods, bill of lading, etc.) being handed over and the transaction completed.
The scope of an ESCROW ACCOUNT is extensive. In addition to merchandise of all kinds, vehicles, works of art and software can also be processed via Escrow.
Protection of the seller’s financial risks by non-acceptance of the buyer
- Securing the buyer’s payment – only money against goods
- Mutual internal check of the supplier and the buyer
- Maximum security at low cost
- One-off £265 / €290 each from supplier and buyer for extensive initial assessment
- One off £690 / €690 each from supplier and buyer for preparation
- Efficient international payments, faster than a letter of credit
- Often considerably cheaper than a letter of credit
- Adaptation to Special Trade Practices
- Rapid operational readiness, opening in a few hours
- Simple and comprehensible processing
- Simple documentation
- Bank Accounts with TOP TIER Banks
- Worldwide applicability.
Please find detailled information for each area of our escrow activities down below or contact us via the contact form.
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Transactions for moveable Assets