Business Account

Advantages

• The escrow account can be used for the purchase/sale of real estate, cars, company shares, settlements between heirs, and in other cases.
• The escrow account guarantees security for both the buyer and the seller since the bank pays out money only when the transaction has actually occurred, and the property documents have been drawn up.
• During the term of the agreement, the seller or buyer may not alone withdraw the amount of money deposited into the escrow account. This account will not be available in either the buyer’s or the seller’s online bank.
• If the transaction has not taken place during the term of the agreement (the documents confirming the execution of the transaction provided for in the agreement have not been submitted to SEB), after expiry of the agreement, the money will be refunded to the buyer.
• If during the term of the agreement the seller has submitted documents confirming the execution of the transaction to SEB, then after the expiry of the agreement the buyer cannot withdraw money from the escrow account alone.

How to open and use an escrow account

1. The buyer or the seller completes an application for opening an escrow account, provides the necessary information for the evaluation of the transaction, and signs it with a qualified electronic signature (eSignature or Smart-ID).
2. The completed application (and other useful information about the transaction, such as documents confirming the origin of funds, power of attorney, if the buyer or seller is represented by an authorised person) must be uploaded to the Internet bank:  Additional services -> Digital documents -> Upload document.
3. Both buyer and the seller must be identified in SEB. If the buyer and/or the seller is not a  customer of SEB, you need to request a video consultation or make an appointment to meet in person.
4. SEB evaluates the application by contacting the parties to the transaction in case of questions (up to 5 (five) working days). In the case of a non-standardised transaction (e.g., where one of the parties is a legal entity, if several buyers or sellers are involved if the buyer and/or the seller is represented by an authorised person, if the costs of the transaction are settled in several parts, if the agreement language is LV /ENG), the evaluation of the documents may take more time and a commission will be charged
5. In case of a positive decision, the bank opens a transaction account (in the name of the buyer or seller) and all parties sign an escrow account services agreement. The agreement can be signed:
   •    Remotely, using a valid electronic signature (eSignature or Smart-ID).
   •    Meeting in person at SEB banka, by making a prior appointment via the website. This service is available at Valņu iela 11, Riga
6. The buyer transfers the agreed transaction amount to the escrow account.
7. The seller and the buyer shall draw up and deliver the necessary documents to the bank in accordance with the requirements provided for in the escrow account services agreement, such as the sale agreement and the Land Register certificate.
8. The bank checks the submitted documents. If the documents are in order, and the transaction is completed — the bank transfers the money to the seller.