Escrow Services

Purchasing a second home in the sun has long been the dream for many people, particularly those who live in the northern hemisphere and the rationale behind buying into a shared ownership project is often seen as the ideal solution.

Buyers today are naturally risk averse, so developers need to provide reassurance that if they are selling off plan or during construction, all funds will be held in an escrow bank account until the property has been delivered. An escrow is a contractual agreement where money is received on behalf of third parties, e.g. the property buyer, and distributed, subject to the terms and conditions of an escrow agreement.

As an independent and trusted third party, FNTC can assist developers by providing specialist support and advice, including the set up and administration of escrow accounts. Purchase monies will be received, held and disbursed by FNTC only once relevant conditions have been fulfilled. Should these conditions not be met FNTC can refund monies paid to the purchasers.

Benefits of utilising FNTC's escrow services:

• Protection against fraud by providing high levels of security to consumers, developers, sales and management companies and other third parties
• Ensures agreements are in place before funds are distributed
• Reliable and prompt distribution of funds
• Lends credibility to any sales process
• Increases consumer confidence
• Access to FNTC's foreign exchange facility, offering more competitive exchange rates than those offered under normal banking arrangements