Buyers today are naturally risk averse, so developers need to provide reassurance that if they are selling off plan or during construction, all funds will be held in an escrow bank account until the property has been delivered. An escrow is a contractual agreement where money is received on behalf of third parties, e.g. the property buyer, and distributed, subject to the terms and conditions of an escrow agreement.
As an independent and trusted third party, FNTC can assist developers by providing specialist support and advice, including the set up and administration of escrow accounts. Purchase monies will be received, held and disbursed by FNTC only once relevant conditions have been fulfilled. Should these conditions not be met FNTC can refund monies paid to the purchasers.
Benefits of utilising FNTC's escrow services: