ESCROW account is a special bank account opened on behalf of the Purchaser, intended for storage / preservation / freezing of funds (ESCROW amount) for payment of goods or services and the release of the ESCROW amount only under conditions of ESCROW Agreement.
ESCROW agreement is a tripartite contract between the Bank, the Purchaser and the Seller by stipulating conditions of the ESCROW Amount use.
Only the Bank has the right to manage the ESCROW account in strict accordance with the terms of the ESCROW Agreement.
The seller wishes to sell and Purchaser wishes to purchase a property (apartment, house, etc.).
In this case Mobiasbanca, at the customer request, opens a special ESCROW account on behalf of the Purchaser and signs the ESCROW Agreement in which are indicated all the afferent conditions of the transaction.
On this special ESCROW account, the Buyer deposits the amount of money, negotiated by Buyers and Seller and indicated in the ESCROW Agreement, which constitutes the price of real estate.
Once the deposit money is on this account, the account is blocked by Mobiasbanca and money is released under the following conditions:
For more information, please contact your customer adviser or contact the nearest Mobiasbanca branch.