We remind that, Bank “Bai-Tushum” provides services for the opening and maintenance of an Escrow Account
We remind that, Bank “Bai-Tushum” provides services for the opening and maintenance of an escrow account – a “guaranteed” account, which is intended for settlements on transactions for the purchase and sale of movable and immovable property. The escrow account gives full protection for buyers and sellers in mutual settlements. This account allows temporarily blocking the funds of a buyer of movable or immovable property until the commercial transaction is made. Upon completion of the transaction and submission of supporting documents to the Bank, the right to own and dispose of the Escrow account is transferred to the Seller.
Account currency: KGS, USD.
Tariffs for Escrow account: 0,15% of the transaction amount, min 1000 KGS, max 5000 KGS
Scheme of work Escrow accounts:
- Upon agreement of the parties of the commercial transaction, the Buyer opens an Escrow account
- The buyer transfers money to the account, which the Bank blocks until the transaction is made
- After opening an account, the Bank shall provide a certificate to the Buyer regarding the opening of the Escrow account and the availability of necessary funds on it
- The seller prepares a commercial transaction in authorized institutions (State Registry Institution, Notary) and provides to the Bank documents confirming the fact of registration of real estate in favor of the Buyer
- The seller enters into the sole right to dispose of the Escrow account on the basis of the contract of sale received in the State Register and provided to the Bank.