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Улаанбаатар Хотын Банк

Escrow account

The agreement involves certain terms and conditions for the buyer to credit the Escrow account with funds, and for the seller to be able to receive these funds. Through deposits made to the Escrow account in buying or selling valuable properties or services, one can be protected from risks.

Escrow account is most appropriate for:

         Contract for sale of apartment;
         Contract for sale;
         Contract for rent and financial leasing;
         Contract for service;
         Contract for mediation
         Contract for loan;
         Contract for guarantee and suretyship;
         Contract for transfer of possession, exploitation, and ownership of goods;
         Dispute over profit and income between individuals or entities.
Escrow account service:
Open account No fee
Fee of escrow deposit Purchaser

0.15% /minimum amount is 5,000 MNT, maximum amount is 25,000 MNT/

Sell

0.15% /minimum amount is 5,000 MNT, maximum amount is 25,000 MNT/

Transfer of escrow deposit Deposited cash and transferred deposit in the same currency. No fee
Deposited cash and withdrew in the same currency. Fee stated in the Article 1.1.2 of the “Interest Rate of Services of the Bank”

For example: Authenticity of real estate license when individuals agreed on Contract for Sale of Apartment or how to schedule payment and transfer of apartment ownership are the most common issues. For these issues, escrow account is one of the most appropriate instruments to overcome. Escrow account, is not only for sale of apartment, can be used in every commercial activities.

In order to open escrow account, parties of agreement must visit a branch of Ulaanbaatar City Bank with national ID cards and other materials and the agreement concluded therein when terms and conditions are settled between parties.

Further information:
Ulaanbaatar City Bank
Telephone: 1800-1800

2016-02-18

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