HSBC Escrow Account
With the Escrow Account, you will get:
- Ideal for secure settlements during real estate sale and purchase transactions
- No monthly service fee
- Available in AMD
Things you should know
Real estate buyer and seller decide on terms of escrow amount payment, the following options apply:
- Paid to the Seller
Within the time period stipulated under the Escrow agreement upon presenting to the bank the Buyer's ownership certificate to the subject property or one copy of the real estate notarized sale and purchase agreement; or
- Paid to the Buyer
In case of the failure to present the mentioned documents to the Bank within the term set out under the Escrow agreement or in the event an original document issued by the State Committee of the Real Estate Cadastre on rejecting the Buyer' right to the Property arising out of and in connection with the Sale and Purchase agreement is provided.
A service fee in the amount of 0.5% of escrow amount (minimum AMD 100,000, maximum AMD 500,000) is charged for opening an Escrow Account.
List of documents necessary to open an account1
For RoA citizens and foreign citizens enjoying residency status and residing in the Republic of Armenia, persons with no citizenship and persons with a refugee status:
- Account opening application signed by the individual
- Passport / other personal identification document2, 3
- Any of the below documents on public services number: ID card; Social security card; a reference from RA Police department on absence of public services number; a reference from RA Police department on allocation of public services number
For foreign citizens:
1Additional documents may be requested by the Bank during account opening process.
2The original of the document is returned to the Customer and the copy thereof is kept with the Bank.
3Other identification documents in accordance with Government Decision No. 767 of 22/12/2009, with the exception of a certificate of return, only for the return to the RA and a provisional identity document or temporary certificate issued by the RA Police to the RA Government.
HSBC customers can apply by clicking on the button below.
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Last updated on: 2/3/2019 09:27:58 PM