An escrow account provides you additional security under the purchase and sale of movable property or real estate.
In this case, the buyer, seller, and Black Umbrella Finance sign a trilateral agreement that specifies the terms and conditions of the transaction. Black Umbrella Finance acts as a guarantor ensuring that both the buyer and seller will fulfill their obligations.
Black Umbrella Finance
An escrow account functions in the following way:
we open the escrow account following the application of any of the transaction parties;
the buyer deposits the transaction amount to this account;
the seller completes the necessary documents and presents documents confirming the execution of the transaction to us;
we review the submitted documents and transfer the entire transaction amount from the escrow account to the seller’s account.
In case you and your counterparty both are customers of Black Umbrella Finance, you can arrange the opening of an escrow account to be performed faster and easier – just pursuant to the application, without entering into a trilateral agreement.
An escrow account opened without a trilateral agreement functions in the following way:
we open the escrow account following the application of any of the transaction parties;
the buyer deposits the transaction amount to this account;
after the transaction is executed, both parties sign a confirmation of the transaction execution, and we transfer the entire transaction amount from the escrow account to the seller’s account, pursuant to the said confirmation.
