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Escrows

Secure your company’s interests by ensuring trouble-free and secure transactions

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Overview

 

An escrow account is created wherein funds, securities, evidences of titles to properties and other documents are deposited with the escrow agent acting as the neutral party between at least two parties. Typical of an escrow agreement would be on sale and purchase of real properties or shares of stocks of a company where the parties are the buyer and seller, real estate developer where escrow account is required by the DHSUD, and initial public offering where shares of stockholders are held in escrow within a prescribed period before and after listing of the issue.

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.

Features

 

Minimum Escrow Amount P5,000,000
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

Types of Escrows

 

Sale of Real Estate and Shares of Stock

Pending the sale of real estate or shares of stocks, we will hold on to the purchase price 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.

Documentary Requirements

From the Client
From the Bank
Both for Individual and Corporate Client
Individual Client  

  1. Government Issued IDs
  2. Notarized Special Power of Attorney (if necessary)

Corporate Client

  1. Articles of Incorporation
  2. General Information Sheet
  3. Certificate of Registration with SEC
  4. Secretary’s Certificate
  5. Government Issued IDs
  1. Escrow Agreement
  2. Universal Specimen Signature Card
  3. Customer Information File
  4. Risk Disclosure Statement
List of Valid IDs
PRIMARY ID SECONDARY ID
Passport Company ID
Driver's License NBI Clearance
PRC ID Police Clearance
Digitized Voter's ID Postal ID (Paper-based card)
GSIS e-Card Barangay Certification
SSS Card OWWA ID
Senior Citizen Card OFW ID
Unified Multi-purpose ID Seaman's Book
ACR / ICR GOCC ID [e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)]
Integrated Bar of the Philippines DSWD Certification
School ID PhilHealth Insurance Card ng Bayan (PHICB)
NCDA ID City Health Card / Health Certificate Card
Postal ID (PVC Plastic Card) Tax Identification Number (TIN)

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 of 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.

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