Latvijas pasta banka

Escrow account

Escrow Account provides both businesses and individuals an opportunity to conveniently and securely carry out sale and purchase transactions of movable and immovable property.

The buyer, the seller and the bank sign an agreement that defines terms and conditions of a deal. The Bank monitors compliance with the terms of the contract, thus reducing the risk between the parties.

Transaction process:

  • The bank opens escrow account;
  • The buyer transfers the amount of transaction to the escrow account;
  • The seller prepares the necessary documents and submits them to the bank;
  • The bank verifies the documents. If the documents comply with the terms of the agreement, the Bank is implementing a transaction- the seller receives the money and the buyer receives the original documents.

The escrow account can be used for the deals financed by Latvijas pasta banka and in other cases.