Escrow

Escrow – our mediation between your circumstances and obligations

This service is provided to clients who need a guarantor for transactions with counterparties.

What is Escrow?

It is a special conditional account where property, documents or funds are recorded until certain circumstances occur or certain obligations are fulfilled.

In international legal practice, escrow services are quite widespread and are offered by individuals, legal entities, banking institutions and other authorized entities.

Parties to an Escrow Agreement

Beneficiary – a person who opens such an account for the purpose of depositing goods or documents that must be transferred to another party upon fulfillment of certain conditions or occurrence of certain events.
Depositor – the opposite party who deposits cash or its equivalent.
Escrow agent – who controls the execution of the contract and, upon the occurrence of the agreed conditions, carries out the transaction between the depositor and the beneficiary.

How to apply for the service?

To apply for the escrow service, you simply need to contact BENEDIXUS OÜ together with your partner.

After one of the parties contacts us, we ask for comprehensive information on the terms of the planned transaction. If this is acceptable to us, we will then proceed to identify the parties and conduct compliance and conflict of interest checks.

The terms (form and method of execution of the authentication document) will be mutually approved, according to which the transaction will be considered completed, and the seller will be entitled to payment of funds.

The buyer transfers funds as a security for the transaction to Benedixus OÜ. In turn, BENEDIXUS OÜ will issue a guarantee to the seller (Letter of Credit). When the parties submit documents confirming the closure of the transaction and the absence of claims, BENEDIXUS OÜ will transfer the funds to the seller

Want to manage your finances more efficiently? Welcome to Benedixus!