Escrow account

Do you have a query on how to get things done in Andalucia, where to find things, who to call? Find out by posting and hear about others experiences.
USINSPAIN
Resident
Posts: 546
Joined: Fri Aug 29, 2008 3:10 pm
Location: Benalmadena

Escrow account

Postby USINSPAIN » Fri Oct 11, 2019 11:29 am

Have a house for sale soon after 3rd April 2020 because after that date I will not have to pay CGT (over 65 and lived there 3 years)
one of the agents has a client who wants to buy the house and is asking to put a deposit into a Escrow account until 4th April 2020 then proceed with the sale, is this something a Escrow account is suitably for

User avatar
costakid
Andalucia Guru
Posts: 5754
Joined: Sun Feb 13, 2005 11:55 am
Location: malaga este

Re: Escrow account

Postby costakid » Fri Oct 11, 2019 11:50 am

Yes it is.

Paddy Pumpkin
Resident
Posts: 895
Joined: Mon May 01, 2017 12:06 pm
Location: Madrid

Re: Escrow account

Postby Paddy Pumpkin » Sun Oct 13, 2019 6:44 pm

Rarely is there an account t set up just to hold funds for one item in escrow. Really it means the funds are held by a 3rd party in their account and released at a later date to the seller
Just make sure you know who has control of the account (ideally a lawyer and definitely not the estate agent) and that there is a contract to back up the account. I would recommend that you get the contract to state that you retain full title to the property until you have received the money to your bank account. Also make sure that the buyer loses their deposit if they don't complete the sale within a stated time period.


Who is online

Users browsing this forum: Google [Bot] and 41 guests