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|  | |  | |  | Escrow Service - for the first time in Moldova!
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Escrow - a new banking service that guarantees the fulfilling of the contract commitments of both parts. | | | | | | Do you plan to purchase or sell a house/lot or a car?
Would you like to be sure that the other part will respect the contract obligations? | |
Escrow service is guarantees the real estate buying or selling transaction safety for both parties. Thus, the buyer is garanteed to receive in possession the desired property and the seller, in turn, is garanteed to receive the money for the selling property.
| | | | VICTORIABANK is the First Bank in Moldova which launched this kind of service into the market!
You don't have anymore to refuse to purchase/or sell a real estate, only because it is pledged to a third party's favor (a bank or a loan institution). We guarantee that you will obtain an immovable in a total saftey. | | | | | How does Escrow work?
When two parties decide to strike a real estate buying/selling bargain, VictoriaBank acts as a guarantor of this transaction. The bank opens a special account, on which the buyer will place a sum of money equal to the cost of the buying property. The account will be blocked by the bank, and the money will be deployed in the following case:
To the seller - only in case when the immovableis registered at the Cadastral office under the buyer's name
To the buyer - only in case when transaction is finished
Relationship between a Buyer, a Seller and the Bank will be regulated by a contact in which money deployment conditions will be specified.
Seethis service procedure functioning in the scheme shown below:
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| | | Buyer's main advantages:
- the seller will receive the money only in case when he registers the buyer as an owner of the real estate at the real Estate State Register
- In case of an acquisition of a pledged real estate, the bank guarantees that it will be taken out of pledge
- In case if transaction is not finished under a certain circumstances, you will receive your money back.
| Seller's main advantages:
- First of all, confidence that after you sign the buying/selling contract and legalize all documents under the buyers rights, you will you receive the money
- Secondly, you will receive the money not from the buyer, but from the bank that excludes the risk to receive counterfeit money.
| | | For more details, please call us at (+373 22) 57 63 59
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