HSBC Escrow Account

A transitory account for ensuring secure settlements between the parties to real estate sale and purchase transactions.

Benefits

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:

  • Account opening application signed by the individual
  • Passport / other personal identification document2, 3

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 22/12/1999, 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.

Apply online

HSBC customers can apply by clicking on the button below.

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Last updated on: 13/3/2019 12:28:08