Real Estate Escrow Account - Management of Payments & Collections
Real Estate 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.
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Competitive terms and pricing
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Provides comfort to Investors
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Security of funds
More Information
Real Estate Escrow Account is a bank account designated for property development, in which all payments by buyers for the construction of the off-plan project are credited into this account.
An Escrow Account provides security to both the Developer and the Buyer, because unless all the conditions are met on the “sale” the funds are not released to the Developer, whereas the Developer receives payments to cater for the needs of the project to keep it going.
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Customized MIS of funds received and disbursed
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Ability to receive funds through a bank transfer
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Periodic reporting to MOCI
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All corporate clients are eligible
To apply please email our sales team on Tss-cmsales@riyadbank.com or call:
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Eastern region: +966-13-833-5733 Ext. 4505
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Western region:+966-12-260-9092
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Central region: +966-11-486-5978
One-time set-up fee and a monthly maintenance fees are charged in addition to a transactional fee which is added on.