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Escrow accounts

Opening and maintenance of escrow accounts

Escrow accounts are opened for private individuals, private entrepreneurs and legal entities for the purpose of performing the operation (payment) derived from contracts that constitute grounds for purchase and sale of movable and immovable property, provision of services, or any other transaction.

Provision of a service to secure payment against a purchase and sale transaction /escrow/
0.05%, minimum AMD 15,000, maximum AMD 100,000

For the purpose of getting funds, the beneficiary submits to the bank the originals of the documents evidencing the occurrence of the deterrence condition specified by the agreement, namely:

1. In case of real estate transactions:

  •  Agreement on the transaction verified by a notary or in the manner prescribed by the RA legislation,
  •  Certificate of state registration of the purchaser’s ownership right towards the property,
  •  Documents evidencing the right of purchase of real estate in a building under construction,
  •  Other documents specified by the agreement.

2. In case of car transactions:

  •  Notarized agreement on the transaction (if any),
  •  Certificate of state registration of the ownership right towards the vehicle or a substituting document (in this case the LD’s opinion is necessary),
  •  Other documents specified by the agreement.

3. In case of service provision:

  •  Service contract signed by both parties (if necessary, sealed),
  •  Acceptance or Performance act,
  •  Other documents specified by the agreement.

4. In case of other transactions:

  •  A documents evidencing completion of the transaction or the occurrence of the deterrence condition specified by the agreement,
  •  Other documents specified by the agreement.

Escrow accounts cannot be pledged, seized (banned) or confiscated against the customer's obligations, unless:

  •  they are related to the obligations arising out of directions, events, conditions, or transactions provided for by the Armenian legislation, regulations, the Agreement and the Regulations; or
  •  these funds are the funds generated from the interest paid to the customer by the Bank for the use of the funds on the escrow account; or
  •  these funds are the property envisaged by Clause 5, Article 190 of the Criminal Code of the Republic of Armenia; or
  •  30 days and more have passed since signing of the escrow account agreement, unless otherwise provided for by the agreement.