How to secure your sales transactions
If you need to sell or buy a real estate, land, transport or other movable property, you can secure your transaction from fraudulent transactions! Open escrow account in KICB and make transactions safely!
Escrow account is a special account opened on the basis of a tripartite agreement concluded between the seller, the buyer of movable/immovable property and the bank, for the purpose of transferring funds to the seller in national currency after registration of the purchase and sale agreement for movable/immovable property.
In what cases should you open an escrow account?
-
If you have doubts about the successful result of the transaction;
-
If you need to obtain real confirmation of the funds availability from the buyer;
-
If there is a need for you to provide such confirmation yourself.
Escrow account shall be opened in those divisions of the Bank where further servicing will be carried out on it.
Funds are placed on the Escrow account, with the condition of their blocking without the right of the owner to commit account of expenditure transactions until the fulfillment of the obligation on account of which the funds are placed. In this case, the bank shall act as an agent and ensure the availability of a minimum balance of funds, as well as reasonable and timely payment of funds from the payer in favor of the recipient of funds under the transaction.
Availability of bank accounts for the payer and recipient in KICB is a mandatory requirement for conclusion of a tripartite agreement.
KICB invites you to open an escrow account for free, cash out funds under a transaction up to KGS 6 000 000 without a fee. Below are the Bank's tariffs that come into force from August 12, 2024.
