An escrow bank account is one where money is received and distributed subject to the terms of an escrow agreement.
Buying a second home in the sun has long been the dream for many people, particularly those who live in the northern hemisphere. Buyers today however are extremely risk averse and developers need to provide reassurance that if they are selling off plan, all funds will be held in escrow until the property has been delivered.
Global Federal Trust can assist developers by providing efficient escrow administration. Purchase monies will be received, held and disbursed once specific conditions have been fulfilled – should these conditions not be met Global Federal Trust is able to refund all monies to the purchasers.
As an independent and trusted third party, Global Federal Trust can set up and manage escrow accounts. Funds are deposited into the account and held until the terms of the escrow agreement are satisfied. Once satisfied that the terms of the agreement have been met, Global Federal Trust distributes the funds accordingly.
- Protection against fraud by providing different levels of security to consumers, developers, sales and management companies and other third parties
- Ensures written agreements are in place before funds are distributed
- Prompt and reliable distribution of funds
- Lends credibility to any sales process
- Increases consumer confidence
- Access to Global Federal Trust forex facility, offering tighter, more competitive exchange rates then those offered under normal banking arrangements