When you sell or purchase real estate or perform other major transactions, you are likely to need extra security. The solution is your escrow account with Ameriabank. The escrow account is a special bank account where funds are kept until the fulfillment of obligations between transaction parties.
With an escrow account, you can be sure that:
- Cash will be paid (i) only in the case when the transaction is finalized and the bank is provided with sufficient documentary evidence that contractual obligations between the parties have been fulfilled properly and when due or (ii) in other cases agreed upon by the parties.
- You will get the cash deposit back if the other party to the transaction has not performed its obligations when due or in other cases defined under the relevant contract or upon mutual consent of the parties.