Escrows
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Overview
An escrow account is an agreement wherein SBC TAMG acts as a neutral third party to hold in custody money, securities, instruments, documents or other property delivered to it by each or any of the contracting parties and delivers the same to them when all the terms and conditions mutually agreed upon by both parties have been fulfilled.
The eventual delivery of the money, securities, properties or documents held in escrow shall be dependent on a certain contingency or on the happening of a certain event.
Escrow arrangements may vary in terms of complexity, the nature of responsibilities to be handled by SBC TAMG, the amount of funds required (if any) and the length of time during which the escrow shall be needed. These escrow arrangements can be customized to suit the requirements and conditions of the contracting parties.
Benefits of appointing an Escrow Agent:
- Prudent safekeeping of the escrowed funds and/or documents.
- Customized agreement is provided where the terms and conditions as agreed between the two parties are appropriately laid out, ensuring that interests and rights of both parties are protected.
- Professional administration by the escrow agent ensuring that the escrowed funds and/or documents are released to the designated party upon satisfaction of the terms and conditions of the agreement.
- Peace of mind for parties as the escrow agent is ready to assist at any stage of the transaction.
| Minimum Escrow Amount | PHP10,000,000 |
| Turn Around Time | 3 banking days* |
*For the drafting of the escrow agreement in line with the deed of sale and other documentary requirements and the preparation of account opening documents
Type of Escrows
Sale of Real Estate and Shares of Stock
Pending the sale of real estate or shares of stock, we will hold on to the escrow funds until the sale is registered.
Listing of Securities with the PSE
Our team can set-up an escrow agreement prescribed by the PSE for companies who want to list securities on the exchange.
Sales by Real Estate Developers
Any proceeds of sales made in compliance with the Socialized Housing requirement of HLURB will be deposited in the escrow account.
Benefits
Professional and prudent asset administration, custody of escrow properties, and investment management.
Protection of the parties’ interest and funds by strict compliance to the terms and conditions to the agreement.
Assured compliance with the different regulatory bodies(i.e HLURB, PSE, among others)
Efficient liquidity and timely remittance of amounts withdrawn from the account.
Required Documents
| From the Client | From SBC TAMG |
|---|---|
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For Individual Clients
For Corporate Clients
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Want to learn more about Escrows?
Send us a message via our email at [email protected].