An escrow account is a tool offered by Kapitalbank JSCB that allows for secure real estate and vehicle transactions, protecting the interests of both buyer and seller.
A new service for individuals allows to temporarily place the buyer’s funds in a special account until the terms of the transaction are fully met. Once the transaction is confirmed, funds are automatically transferred to the seller, and if the transaction is canceled, are returned to the buyer.
An escrow account opening procedure includes several stages. After addressing the bank, the client submits an application and the required documents, after which an escrow account is opened. The buyer may deposit funds in cash or by bank transfer from an account or bank card. The notary then sends an electronic request to the bank, verifies the escrow account details, and certifies the transaction. Once the procedure is completed, the bank transfers the funds to the seller or returns them to the buyer in the event of termination of the contract.
An escrow account reduces risks in purchase of real estate and vehicles and provides additional protection for both parties of the transaction.
For real estate transactions, the service fee is UZS 206,000 for transactions up to UZS 50 million; if this amount is exceeded, the fee is not charged. For vehicle transactions, the service fee is UZS 103,000 for transactions up to UZS 25 million; if this amount is exceeded, the fee is also not charged.
Please note. that if a transaction is canceled, the fee paid for the service shall not be refunded. In repeated application, the fee is charged in the established manner.
For more information about this service, please visit any Kapitalbank JSCB branch or call our contact center: 1340.
