Businesses and individuals can use our escrow account services when making deals that involve ownership right transfers. Escrow account serves as a temporary account where funds are held and released upon fulfillment of contract terms.
The bank will not act on a request by a single party, and shall base on an acknowledgement released by participating parties.
No need to own an account at Arig Bank.
Escrow account conditions:
- Real estate sales - Real estate sales contracts among individuals require a safe funds transfer. In these instances, escrow accounts will help ensure the transfer is successful. Funds in the escrow account will be released to the seller upon legal transfer of ownership to the buyer.
- Cooperation agreement/contract - When companies and individuals enter service contract agreements, a deposit sum is made upon signing of contract while the remaining balance is paid upon completion of terms. Unfortunately, instances occur where the service provider is not able to collect remaining payment. By having the remaining payment in an escrow account, the service provider will be insured to receive remaining funds upon work completion. Acknowledgement from both parties is required to release the funds.
- Other - Escrow accounts can be used in carious cases such as business bankruptcy and divorce.
Open an Escrow Account:
- Participating Parties can come to any Arig Bank branch in person.
- Parties must present original copies of their Personal ID Card (if individual) and/or State Registration Certificate of Official Legal Entities along with the company seal (if legal entity).
- Upon mutual agreement of Parties, the paying party shall open the escrow account and deposit the funds.
- Parties must agree upon who will be paying the Escrow account fees.
- Parties must understand and accepts the account terms provided by a bank representative and sign and seal the escrow account contract.
Withdrawing funds from an escrow account:
Upon realization of terms of contract, the parties must provide a joint statement to the bank requesting transfer of funds to the receiver. The bank will only release escrow account funds to the recipient specified by the contract terms. The bank will not act on a request by a single party.