Off plan sale
Off-Plan Sale Escrow Account
Off Plan Sales, Sale on Map, and Real Estate Escrow Account are different names for a bank account designated for under-construction property where the deal between developer and buyer happened based largely on development plans. All payments by buyers for the construction of the off-plan project are credited into this Escrow Account.
Riyad Bank, through its Real Estate Escrow Account (REEA), acts as an Escrow Agent and protects the interest of buyers and sellers of real estate projects.
Off-Plan Sale Escrow Account
Riyad Bank, through its Real Estate Escrow Account (REEA), acts as an Escrow Agent and protects the interest of buyers and sellers of real estate projects.
Benefits:
- Mitigating Risk for Developer – Escrow Agreements provide the Real Estate Developer customers safeguard when dealing with third party entities by mitigating counterparty risk and holding paid-in amounts in this account blocked for this purpose. The Developer receives payments to cater to the cash flow needs of the project.
- Easily Manage Collections – This product can be combined with Riyad Collect in order to provide unique virtual IBAN to the end-buyer (Real Estate Developers’ customer). This also provides full visibility on transfers and ease of reconciliation for the developer.
- Mitigating Risk for Buyer – Escrow Account also provides security to the Buyer, because unless all the conditions are met on the “sale”, the funds are not released to the Developer.
- Reporting – Customized reports of funds received and disbursed can be sent to Real Estate Developer
Benefits:
Mitigating Risk for Developer – Escrow Agreements provide the Real Estate Developer customers safeguard when dealing with third party entities by mitigating counterparty risk and holding paid-in amounts in this account blocked for this purpose. The Developer receives payments to cater to the cash flow needs of the project.
Easily Manage Collections – This product can be combined with Riyad Collect in order to provide unique virtual IBAN to the end-buyer (Real Estate Developers’ customer). This also provides full visibility on transfers and ease of reconciliation for the developer.
Mitigating Risk for Buyer – Escrow Account also provides security to the Buyer, because unless all the conditions are met on the “sale”, the funds are not released to the Developer.
Reporting – Customized reports of funds received and disbursed can be sent to Real Estate Developer.
Please fill & sign the below editable PDF agreement in the box, and kindly reach the nearest location as shown below.
