REASSURANCE that the amounts will be used
strictly for the intended purpose
to open the account
I want to know more
The ESCROW account is a bank deposit whereby you, as a depositor, make available to a beneficiary a sum of money that he/she will receive under certain conditions set out and stipulated in the bank's agreement with both parties.
Here are the conditions:
Beneficiaries: individuals (natural persons)
Currency: RON or Foreign Currency
Minimum required amount: any amount greater than ZERO
Interest: fixed, the basis of calculation being the level of spot interest rate related to availability, available at the time of the opening of the escrow account
The ESCROW contract that you will sign with the bank includes all the clauses that must be respected both by you, as a depositor, and by the beneficiary. It identifies the following signatory parties:
The ESCROW Agent – represented by the bank
Depositor of funds – the party responsible for depositing money in the ESCROW account
The beneficiary of the funds – the party who will receive the money deposited by the depositor when all conditions stipulated in the contract are fulfilled
Contractual document signed between the depositor and the beneficiary of the funds, in which the depositor of the funds is usually the buyer or beneficiary, and the beneficiary of the funds is the seller or supplier. The transfer of funds from the ESCROW account to the latter is done only after certain conditions have been met
The ESCROW account contract offered by the bank
How can I get it?
Come along with the beneficiary of the funds in any BCR branch, where you will sign the ESCROW contract drawn up by the bank
The ESCROW account becomes valid.
As a depositor, feed the account with the amount specified in the contract. The funds will remain in the account until the agreed conditions are met.
Payment is made to the beneficiary, but only after the conditions set out in the contract have been met.
The ESCROW account shall be signed by the bank upon fulfilment of the conditions, based on the Certificate of Conformity thereof, signed by the contracting parties.